Benzinga - Intel Corporation (NASDAQ: INTC) shares are trading lower Thursday after the semiconductor company reported fourth-quarter financial results. Here's what investors need to know.
What Happened: Intel said fourth-quarter revenue fell 32% year-over-year to $14 billion, below analyst estimates of $14.49 billion, according to Benzinga Pro. Full-year revenue was $63.1 billion, down 20% year-over year. The company said it prioritized rationalizing its investments and “right-sizing” the organization over the fourth quarter.
The company reported a loss of 16 cents per share in the fourth quarter, missing analyst estimates of 20 cents per share. Intel said full-year EPS was $1.94.
Intel also announced that its board of directors has declared a quarterly dividend of $0.365 per share on the company’s common stock that will be payable on March 1 to shareholders of record as of Feb. 7.
“Despite the economic and market headwinds, we continued to make good progress on our strategic transformation in Q4, including advancing our product roadmap and improving our operational structure and processes to drive efficiencies while delivering at the low-end of our guided range,” said Intel CEO Pat Gelsinger.
Intel said it expects to hit its target of $3 billion in cost reduction in 2023, setting the stage for the company to achieve $8 billion to $10 billion by the end of 2025.
INTC Price Action: Shares of Intel are trading 7.3% lower in the after-hours session to $27.89, according to Benzinga Pro.
Photo courtesy of Intel.
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