Intel Q4 Earnings Highlights: Revenue Beat, EPS Beat, Guidance Disappoints, 'Executing Our Mission To Bring AI Everywhere'

Chipmaker Intel Corporation INTC reported fourth quarter financial results after market close Thursday.

Here are the key highlights.

What Happened: Intel reported fourth-quarter revenue of $15.4 billion, which was up 10% year-over-year. The revenue total came in ahead of a Street consensus estimate of $15.16 billion according to data from Benzinga Pro.

The company reported adjusted earnings per share of 54 cents, which beat a Street consensus estimate of 45 cents per share.

Intel previously guided for fourth quarter revenue in a range of $14.6 billion to $15.6 billion and earnings per share of 44 cents.

Revenue by segment in the fourth quarter and the year-over-year change was:

• Client Computing Group: $8.8 billion, +33%
• Data Center & AI: $4.0 billion, -10%
• Network and Edge: $1.5 billion, -24%
• Mobileye MBLY: $637 million, +13%
• Intel Foundry Services: $291 million, +63%
• Intel reported full year revenue of $54.2 billion, which was down 14% year-over-year.

"We delivered strong Q4 results, surpassing expectations for the fourth consecutive quarter with revenue at the higher end of our guidance," Intel CEO Pat Gelsinger said. "The quarter capped a year of tremendous progress on Intel's transformation, where we consistently drove execution and accelerated innovation, resulting in strong customer momentum for our products."

Related Link: Tech Giants Nvidia, AMD, IBM, Microsoft, Google Partner With US Government For AI Research Project

What's Next: The company is guiding for first quarter revenue to be in a range of $12.2 billion to $13.2 billion, which is shy of a Street estimate of $14.2 billion, according to data from Benzinga Pro.

Intel sees first quarter earnings per share hitting 13 cents, which is below a Street estimate of 33 cents per share.

Intel will host its annual IFS Direct Connect flagship foundry event on Feb. 21.

"In 2024, we remain relentlessly focused on achieving process and product leadership, continuing to build our external foundry business and at-scale global manufacturing, and executing our mission to bring AI everywhere as we drive long-term value for stakeholders," Gelsinger said.

INTC Price Action: Intel shares are down 4% to $47.50 in after-hours trading, versus a 52-week trading range of $24.73 to $51.28.

Read Next: Is Intel A Sleeping Giant Or Stuck In Neutral? Analyst’s Latest Take Sheds New Light

Photo: Shutterstock