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Intel Confirms Market View of Chip Industry Recovery in 2020

Microchip industry giant, Intel predicted profit and revenue in 2020 above Wall Street's expectations for cloud services, boosting market expectations for a recovery in the semiconductor sector after a long slowdown.

intel shares risePhoto: Flickr

The company's profit and revenue in the fourth quarter also exceeded forecasts due to a jump in sales of the data center business by 19 percent. Intel shares rose by 7 percent at auction after the close of the official session.

The chip maker heavyweight expects revenue in the current year of about $73.5 billion, surpassing an average Wall Street forecast by more than $1 billion, according to IBES from Refinitiv.

Intel's net earnings in Q4 rose by 8.3 percent to reach $20.21 billion, exceeding the forecast amount of $19.23 billion. 

Excluding items earnings reading amounted to $1.52 per share with a forecast of $1.25 per share. 

Intel shares gained 0.94 percent on pre-market on Friday, whereas its largest rival, AMD grew by 0.54 percent.

Source: Reuters

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