Intel Corp.’s stock rallied to close higher in the last minutes of trading Thursday after the chip maker released quarterly results and an outlook that topped Wall Street expectations.
The chip maker reported fourth-quarter net income of $5.86 billion, or $1.42 a share, compared with $6.91 billion, or $1.58 a share, in the year-ago period. After adjusting for restructuring and acquisition-related costs, Intel reported earnings of $1.52 a share, flat from a year ago.Analysts surveyed by FactSet had estimated adjusted earnings of $1.11 a share on revenue of $17.53 billion, while Intel had forecast adjusted earnings of $1.10 a share on revenue of approximately $17.4 billion.
For the first quarter, Intel forecast adjusted revenue of $17.5 billion and adjusted earnings of $1.10 a share. Analysts on average expect first-quarter adjusted earnings of 93 cents a share on revenue of $16.08 billion.