Intel Q1 revenue of $19.8 billion, up 23% despite coronavirus
By MYBRANDBOOK
Intel reported 69% year-over-year adjusted earnings growth and 23% year-over-year revenue growth for the first quarter, beating Wall Street’s targets for financial performance in a quarter that was affected at the end by the global pandemic.
The earnings report from one of the world’s biggest chipmakers is an important bellwether for the tech industry. But it’s also an early clue to how the coronavirus will affect the broader tech ecosystem. Most of January and February had normal results, but in March the early impact of COVID-19 was clearly evident.
Intel reported first-quarter revenues of $19.8 billion, up 23% from a year ago and driven by 33% growth in the data-centric business and 14% growth in PC revenues compared to a year ago. Adjusted earnings per share hit $1.45, up 63% from 89 cents per share a year earlier. Analysts expected the company to report profits of $1.27 a share on revenue of $18.7 billion.
Intel CEO Bob Swan said in a statement, Our first-quarter performance is a testament to our team’s focus on safeguarding employees, supporting our supply chain partners, and delivering for our customers during this unprecedented challenge.
The role technology plays in the world is more essential now than it has ever been, and our opportunity to enrich lives and enable our customers’ success has never been more vital. Guided by our cultural values, competitive advantages, and financial strength, I am confident we will emerge from this situation an even stronger company.
The datacenter group saw revenue up 43% from a year ago, with 53% growth in cloud-service provider revenue. Intel’s memory and Mobileye businesses saw record quarters. The PC-centric business grew 14% versus a year ago - exceeding Intel’s expectations - on improved CPU supply and demand strength, now that more consumers and businesses are relying on PCs for working and learning from home.
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