Intel said first-quarter revenues beat expectations, jumping 23 percent from the year before to USD 19.8 billion, with adjusted earnings per share leaping 63 percent to USD 1.45. Still, looking ahead, Intel is guiding for lower revenues on a sequential basis, at USD 18.5 billion in Q2. Data-centric revenue is seen rising 25 percent while PC-centric revenue is expected flat to slightly up.
CEO Bob Swan did not mention the coronavirus in Intel's statement, but did say Q1 results were a “testament” to the company’s focus on safeguarding employees, supporting supply chain partners and delivering for customers during this “unprecedented challenge”. Swan said he was confident Intel will emerge from the situation “an even stronger company.”
First-quarter revenue growth was again led by the data-centric business, advancing 43 percent to USD 7.0 billion, but also the company’s Non-volatile memory Solutions Group (NSG), with revenue there lifting 46 percent to USD 1.3 billion. At the Internet of Things Group (IoTG), revenue climbed 3 percent to USD 883 million while at Mobileye, it grew 22 percent to USD 254 million. Finally, at the Programmable Solutions Group, revenue went 7 percent higher to USD 519 million.
The company said earlier that it would pay a quarterly dividend of USD 0.33 per share on 1 June. Year-to-date, Intel has paid out USD 1.4 billion in dividends, put USD 4.2 billion into share buybacks and recorded free cash flow of USD 2.9 billion.
