Intel Ends Worst PC Year Ever With Revenue Beat
In the final quarter of 2013, profits at the Santa Clara, California-based chipmaker Intel (NASDAQ:INTC) rose. The company’s stronger results and industry data both suggest the struggling personal computer market has begun to stabilize.
Early evidence that the declines in PC sales had reached bottom gave Intel investors faith in the company’s future financial health, and they responded by bidding shares up 13 percent; the stock advanced more than 28 percent throughout 2013. But the fact that the chipmaker gave disappointing revenue guidance for 2014 concerned investors, causing shares to drop as much as 3 percent following the release of earnings on Thursday after the markets closed.
Even company CEO Brian Krzanich noted in the earnings press release that Intel “had a solid fourth quarter.” A solid quarter for Intel meant that the PC market was showing “signs of stabilization” and that the company had experienced “financial growth from a year ago,” according to Krzanich. For the fourth quarter, Intel’s financial growth amounted to a 6.4 percent increase in net income.