Intel promises more “transparency” around chip flaws, as strong Q4 offset by weaker 2018 forecast
For the full year ending 30 December Intel's revenue was up six per cent to $62.8bn (£44bn), while quarterly revenue was up four per cent to $17.1bn.
Analysts on average were expecting a profit of 86 cents per share on a revenue of $16.34 billion, according to Thomson Reuters I/B/E/S.
Intel stock rose more than 4.5 percent after the company released better-than-expected earnings for the fourth quarter of 2017 on Thursday.
"2017 was a record year for Intel with record fourth-quarter results driven by strong growth of our data-centric businesses", said chief executive Brian Krzanich. Programmable chips, which customers like Microsoft Corp are experimenting with using in data centers, grew 35 percent to $568 million for the quarter. Both groups beat FactSet consensus estimates, which were $8.73 billion from the former and $5.09 billion from the latter, according to StreetAccount.
The results were the first for the company after the disclosure of major security flaws known as Spectre and Meltdown.
Intel has reported record Q4 and full-year results as it scrambles to address recently revealed security vulnerabilities in its products.
Intel posted a list of chip models that could be tripped up by the patch, meant to prevent hackers from taking advantage of so-called Meltdown and Spectre flaws to steal data. Security vulnerabilities and/or mitigation techniques, including software and firmware updates, may result in adverse performance, reboots, system instability, data loss or corruption, unpredictable system behaviour, or the misappropriation of data by third parties.
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On an earnings call, transcribed by Seeking Alpha, Intel CEO Brian Krzanich said that security remains the top priority for the vendor.
Intel actually posted a net loss for the quarter, but only because of a one-time tax event associated with the passage of new US tax laws in December.
Revenue from its data center group, which enjoys nearly all the market share among cloud computing companies and server vendors, grew 20 percent to $5.6 billion during the fourth quarter. The company also said it was raising its dividend 10 percent to $1.20 a share annually.
Intel continued its push to reposition its business into growth areas, such as datacenter infrastructure, autonomous driving hardware and artificial intelligence during the last three months of 2017.
Q4 Earnings per share (adjusted): Intel reported $1.08 in earnings per share, up 37% year-over-year.
In an interview ahead of Intel's earnings call with investors, Chief Financial Officer Bob Swan said the company sees no "meaningful impact" on corporate earnings from the vulnerabilities.
Estimated revenue for 2018: Intel expects $65 billion in revenue for 2018, above the $63.7 billion expected by analysts. Its content is produced independently of USA TODAY.
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