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Intel (INTC) Surpasses Earnings & Revenue Estimates in Q4

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Intel Corporation INTC reported fourth-quarter 2021 non-GAAP earnings of $1.09 per share, which beat the Zacks Consensus Estimate by 21.1% but declined 26.4% year over year.

GAAP revenues were $20,528 million, up 2.8% year over year. Non-GAAP revenues totaled $19,532 million, up 3.5% year over year. The top line surpassed the consensus estimate by 6.7%.

Intel’s fourth-quarter revenues were driven by a record quarter for the Data Center Group (DCG), with strong server recovery in enterprise and government. The Internet of Things Group had a record quarter, reflecting strong demand on recovery from COVID-19 impacts. The Client Computing Group (CCG) delivered another $10 billion quarter.

Intel Corporation Price, Consensus and EPS Surprise

Intel Corporation price-consensus-eps-surprise-chart | Intel Corporation Quote

Quarterly Segment Details

CCG (49.4% of total revenues) revenues were down 7.4% year over year to $10,133 million. Lower notebook volumes due to component shortage hurt top-line growth. Platform revenues decreased 5.3% year over year to $9,408 million. Adjacent revenues plunged 27.5% from the year-ago quarter to $725 million. Notebook platform volumes declined 26% year over year but increased 4% sequentially. Desktop platform volumes increased 7% year over year and 15% from the prior quarter. Notebook’s average selling price (ASP) increased 14% year over year. Desktop ASP jumped 11%.

DCG (35.6%) revenues increased 20% year over year to $7,306 million. Platform revenues were up 21.6% to $6,442 million. Adjacent revenues grew 9.2% to $864 million. DCG platform unit volumes were up 17% year over year and 8% sequentially. ASP increased 4% year over year and 3% sequentially.

Internet of Things (6.8%) revenues increased 27.4% year over year to $1,414 million. IOTG revenues soared 36.2% to $1,058 million. Mobileye revenues grew 6.9% on a year-over-year basis to $356 million, driven by improvement in global vehicle production. Intel announced strategic global partnerships with ZEEKR and Sixt SE, and additional plans to unveil Mobileye’s robotaxi equipped with the Mobileye Drive system during the reported quarter.

Non-Volatile Memory Solutions Group (“NSG”) (4.9%) revenues declined 17.5% year over year to $996 million on lower ASPs.

Programmable Solutions Group (“PSG”) (2.4%) revenues increased 14.7% from the year-ago quarter to $484 million.

Intel has a residual segment, All Other (0.9%), which includes results of operations from other adjustments. The segment reported revenues of $195 million, down 7.6% year over year.