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Intel's Fourth Quarter Was "Solid," but Unexciting; Shares Drop

Image source: Intel.

Intel (NASDAQ: INTC  ) just reported results for the fourth quarter and full year of 2013.

Fourth-quarter revenue increased 3% year over year, to $13.8 billion. Earnings jumped 6% higher, landing at $0.51 per share. Sales were in line with analyst estimates, but Intel missed Wall Street's earnings target of $0.52 per share.

Product trends worked out much as expected. Sales in the PC systems group were flat year over year, while data center product sales increased by 8%. The "other" segment improved sales by 9%.

Intel CEO Brian Krzanich called it a "solid" quarter that showed signs of a stabilizing PC market. He also noted that Intel is moving more swiftly into new opportunities. At this week's CES trade show, for example, "We demonstrated multiple devices that weren't on our roadmap six months ago," he said in a prepared statement.

Looking ahead, Intel sees first-quarter revenues right at the $12.8 billion analyst target, in line with normal seasonal patterns. Further out, management expects sales in 2014 to come in "approximately flat" from 2013 levels. Analysts are looking for slight growth, to the tune of roughly 1%.

Intel shares are trading 2.8% lower in after-hours action.

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  • Report this Comment On January 16, 2014, at 8:51 PM, SSchlesinger wrote:

    "Sales in the PC systems group were flat year over year"

    Wasn't this supposed to be a dying market? Wasn't the PC instinct? Weren't we all supposed to communicate on 4.5 inch screens?

    "We demonstrated multiple devices that weren't on our roadmap six months ago,"

    This is a building year for Intel. I think we were warned a few months ago from BK that things would look a bit flat this year. We are seeing signs of improvement, but the serious growth really doesn't start until later this year. Just stock up now while Intel is paying a 3.5% dividend. The $33 price target may very well come true.

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Anders Bylund

Anders Bylund is a Foolish Technology and Entertainment Specialist. Where the two markets intersect, you'll find his wheelhouse. He has been an official Fool since 2006 but a jester all his life.

Hypoallergenic. Contains six flavors not found in nature. Believes in coyotes and time as an abstract.

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