Compared with the same quarter in 2019, PC-centric revenue was up 9 percent while data-centric revenue was down 16 percent.
For the full year, revenue was up 8 percent to $77.9 billion, a new all-time record for Intel. Fourth-quarter revenue was $2.5 billion higher than analyst's estimates and non-GAAP EPS beat by 41 cents.
For the current quarter, Intel anticipates GAAP revenue of $18.6 billion and non-GAAP revenue of $17.5 billion. The latter is over $1.1 billion more than analyst consensus.
Intel also increased its quarterly dividend by 5 percent to $0.3475 per share.
The earnings release is rather slim on details. Intel was expected to release details about its manufacturing strategy today but it seems the decision has been delayed. The company is in a transitionary phase right now as Pat Gelsinger will become Intel's new CEO on February 15, 2021. It appears hard decisions about Intel's future will not be taken before that date.
Intel Corporation today reported fourth-quarter and full-year 2020 financial results. The company also announced that its board of directors approved a cash dividend increase of five percent to $1.39 per share on an annual basis. The board declared a quarterly dividend of $0.3475 per share on the company’s common stock, which will be payable on March 1 to shareholders of record on February 7.
“We significantly exceeded our expectations for the quarter, capping off our fifth consecutive record year,” said Bob Swan, Intel CEO. “Demand for the computing performance Intel delivers remains very strong and our focus on growth opportunities is paying off. It has been an honor to lead this wonderful company, and I am proud of what we have achieved as a team. Intel is in a strong strategic and financial position as we make this leadership transition and take Intel to the next level.”
In the fourth quarter, the company generated $9.9 billion in cash from operations and paid dividends of $1.4 billion.
For the full year, the company generated a record $35.4 billion cash from operations, paid dividends of $5.6 billion, and used $14.2 billion to repurchase 274.6 million shares of stock.
Fourth-quarter revenue exceeded prior expectations by $2.6 billion driven by record PC-centric revenue with PC unit volumes up 33 percent YoY led by record notebook sales. The company also achieved better-than-expected data-centric results, including record Mobileye revenue.
2020 marked Intel's fifth consecutive year of record revenue. The Client Computing Group, Data Center Group, Non-volatile Memory Solutions Group, and Mobileye all achieved record full-year revenue. In 2020, the company invested $13.6 billion in research and development and $14.3 billion in capital expenditures while focusing to strengthen its core CPU business, improve execution and accelerate growth.