Intel fourth quarter figures miss expectations as company continues to seek a new CEO
- 2 months ago
Intel shares dropped by 8% during Thursday’s exchange as the company’s fourth quarter figures did not quite meet expectations.
Not to mention the current issue it has in finding a new CEO following the ousting of Brian Krzanich, which has meant current finance chief Bob Swan stepping in to fill the role.
"The board continues to evaluate candidates for what I believe is the biggest and best open job on the planet,” said Swan, adding that they were "proceeding with a sense of urgency while also ensuring that they make the right choice for this great company."
Nevertheless, here are the figures for the fourth quarter.
Earnings came in a $1.28 which did not match the estimated $1.22 mark, while revenue totalled at $18.66 billion which was considerably lower than the $19.01 billion expected by analysts.
Intel’s arm responsible of railing in the most revenue, the Client Computing Group, which includes PC chips, reached $9.82 billion which is up by 10% however it missed the $10.01 billion estimate.
Swan stated, "Supply remained constrained particularly at the value end of our product range.” "We are working closely with our customers to align demand with available supply while we add capacity and we expect supply-demand balance to improve by mid-year."
Source: Smart Trend Team