Intel Still Thinks It Can Keep Pace With TSMC and AMD
Intel (NASDAQ: INTC) recently posted its fourth-quarter earnings, and the chipmaker's stock price initially rallied after the results. Its revenue dipped 1% year over year to $26.0 billion, but it beat estimates by $2.5 billion. Its adjusted earnings stayed flat at $1.52 per share, but it also cleared expectations by $0.41.
For the first quarter, Intel expects its adjusted revenue to decline 12% year over year to $17.5 billion, which surpasses analysts' expectations, and for its adjusted EPS to drop 24%, which matches expectations.
Those numbers seemed to calm investors, but Intel's stock price still fell after incoming CEO Pat Gelsinger declared he was "confident that the majority of our 2023 products will be manufactured internally" during the conference call. However, Gelsinger said Intel would still "likely" expand its usage of "external foundries for certain technologies and products."
Source Fool.com
