Intel Corp. stock rose again in the final minutes of trading on Thursday after the chipmaker released quarterly results and an outlook that exceeded Wall Street's expectations.
The stock climbed 6.5% to close at $ 62.46, down 0.4% in Thursday's expanded session.
The chip maker reported net income of $ 5.86 billion, or $ 1.42 per share, for the fourth quarter, compared to $ 6.91 billion or $ 1.58 per share for the same period last year. Adjusted for restructuring and acquisition costs, Intel achieved earnings of $ 1.52 per share, unchanged from last year.
Revenue declined to $ 19.98 billion from $ 20.21 billion in the year-ago quarter.
Analysts polled by FactSet had projected adjusted earnings of $ 1.11 per share of revenue of $ 17.53 billion, while Intel had forecast adjusted earnings of $ 1.10 per share of revenue of approximately $ 17.4 billion.
Intel's data center group saw revenue decline 16% to $ 6.1 billion, while analysts were expecting $ 5.48 billion. Intel's largest segment – client computing, the traditional personal computer group – rose 9% to $ 10.9 billion. Analysts expect $ 9.57 billion.
For the first quarter, Intel forecast adjusted sales of $ 17.5 billion and adjusted earnings of $ 1.10 per share. Analysts expect an adjusted profit of 93 cents per share of revenue of 16.08 billion US dollars in the first quarter.
Last week, Intel announced that Pat Gelsinger would return to the company to take on the position of Bob Swan's CEO.
Over the past 12 months, Intel stocks are up 3% during the Dow Jones Industrial Average
– which counts Intel as a component – is up 7%, the S&P 500 index
is up 16%, the tech-heavy Nasdaq Composite Index
is up 44%, and the PHLX Semiconductor Index
has increased by 64%.