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Intel’s Tepid 2017 Outlook Overshadows Q4 Earnings Beat
From StockNews.com: Intel Corporation (NASDAQ:INTC) late Thursday reported market-beating fourth quarter profits and revenue, but offered a mixed outlook for 2017.
The Santa Clara-based semiconductor giant reported Q4 EPS of $0.79, which was $0.04 better than the Wall Street consensus estimate of $0.75. Revenues rose 10.1% from last year to $16.4 billion, also topping analysts’ $15.75 billion view.
Intel’s Client Computing Group revenue gained 4% to $9.1 billion in the latest period, while Data Center Group revenue increase 8% to $4.7 billion. Internet of Things Group revenue jumped 16% to $726 million.
Looking ahead, INTC forecast Q1 EPS of $0.65, which would beat Wall Street’s view of $0.61. Q1 revenues are seen hitting $14.8 billion, also higher than the $14.51 billion analysts are looking for. Intel also forecast 63% gross margin for the period.
For the full year 2017, Intel expects EPS of $2.80, slightly lower than the consensus estimate of $2.81. INTC also sees flat revenues for 2017, which implies approximately $59.5 billion. Analysts are looking for $60.85 billion for the year.
The company commented via press release:
“The fourth quarter was a terrific finish to a record-setting and transformative year for Intel. In 2016, we took important steps to accelerate our strategy and refocus our resources while also launching exciting new products, successfully integrating Altera, and investing in growth opportunities,” said Brian Krzanich, Intel CEO. “I’m pleased with our 2016 performance and confident in our future.”
Intel Corporation shares were trading at $37.56 per share on Thursday afternoon, down $0.24 (-0.63%). Year-to-date, INTC has gained 3.56%, versus a 2.59% rise in the benchmark S&P 500 index during the same period.
INTC currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #1 of 99 stocks in the Semiconductor & Wireless Chip category.
This article is brought to you courtesy of StockNews.com.
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