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Intel reported that its fourth-quarter revenue was $15.4 billion, representing a 10% year-over-year increase. The stock, however, fell after Intel forecasted a lower-than-expected Q1.
The overall revenue for the full 2023 year was $54.2 billion, down 14% from a year earlier. The fourth-quarter earnings per share (EPS) were 63 cents a share, while non-GAAP EPS was 54 cents a share. The full-year EPS was 40 cents a share, while non-GAAP EPS attributable to Intel was $1.05 a share.
Intel is forecasting first-quarter 2024 revenue of $12.2 billion to $13.2 billion, coupled with a first-quarter EPS attributable to Intel of 25 cents a share and non-GAAP EPS attributable to Intel of 13 cents a share. Analysts were expecting 34 cents a share for Q1. This lower-than-expected performance is attributed to challenges in divisions such as Mobileye, as mentioned by Pat Gelsinger, CEO of Intel, during an analyst call. He sees this as a temporary issue that led to lower expectations.
“2023 was a year where we did what we said we would do and more,” Gelsinger said. “We intend to make 2024 another such year.”
Gelsinger said the Q4 results were solid with revenue at the high end of guidance. Intel exited five businesses in 2023. The company met the $3 billion cost savings target for the year.
“And when we look out over the next 12 months, we are confident that we can continue to drive considerable progress on our IBM 2.0 journey,” he said.
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