Intel reported fourth-quarter and full-year 2021 financial results and a cash dividend increase of five per cent to $1.46 per share on an annual basis which will be payable on March 1 to shareholders of record as of February 7.
Fourth-quarter GAAP revenue was $20.5 billion, exceeding October guidance by $1.3 billion and up 3 per cent year-over-year (YoY). Fourth-quarter non-GAAP revenue was $19.5 billion, exceeding October guidance by $1.2 billion. Full-year GAAP revenue set an all-time Intel record of $79.0 billion, up a per cent YoY.
Intel CEO Kicking Pat Gelsinger claimed that the fourth quarter represented a great finish to a great year.
“We exceeded top-line quarterly guidance by over $1 billion and delivered the best quarterly and full-year revenue in the company's history," said, Intel CEO. “Our disciplined focus on execution across technology development, manufacturing, and our traditional and emerging businesses is reflected in our results.”
But investors were less than impressed and shares of the chip stock fell seven per cent. Part of the problem was that its largest business, its Client Computing Group, was down seven per cent year-over-year to $10.1 billion, though it still beat analysts’ average estimate of $9.6 billion.
BMO Capital Markets analyst Ambrish Srivastava said: "Reported results were better, and the upside came from both the (computing) and the (date centre) segments, both meaningfully better than our estimate. While (data centre) performed markedly better, the continuing year-on-year decline in the Cloud revenues jumps out as an incremental negative."