Intel reported another set of better-than-expected results in the first quarter, though they were off on a quarterly basis. Still, the company raised its full-year guidance, saying it now expects revenues for 2021 to hit USD 77.0 billion and earnings per share to reach USD 4.0.
CEO Pat Gelsinger said the quarterly results were driven by “exceptional” demand for the company’s products and that its product roadmap was gaining momentum, helped by its new IDM 2.0 strategy. “This is a pivotal year for Intel. We are setting our strategic foundation and investing to accelerate our trajectory and capitalize on the explosive growth in semiconductors that power our increasingly digital world,” the CEO said.
Revenues for Q1 were off 1 percent year-on-year to USD 19.7 billion. The net profit was still lower, off 41 percent to USD 3.4 billion, with EPS down 37 percent to USD 0.82 per share. The company generated operating cash of USD 5.5 billion, paid dividends of USD 1.4 billion and used USD 2.3 billion buy back shares.
Amid the company’s divisions, revenues at Intel’s main PC business lifted 8 percent to USD 10.6 billion, led by record notebook sales. At the Data Center Group, revenues declined 20 percent to USD 5.6 billion. At IoTG, they increased 4 percent to USD 914 million, with a jump of 48 percent to USD 377 million at Mobileye.
Looking towards the second quarter, the company is guiding for revenues of USD 18.9 billion and EPS of USD 1.05.
