Intel reports 4 pct drop in third quarter revenue
Intel Corporation on Thursday reported a year-on-year 4 percent drop in revenue for the third quarter of 2020, with overall sales hitting 18.3 billion U.S. dollars, Trend reports citing Xinhua.
The top U.S. chipmaker posted non-GAAP quarterly earnings of 1.11 dollars per share, down 22 percent compared to the same period of 2019. The numbers are above the market expectation.
In the third quarter, the company generated 8.2 billion U.S. dollars in cash from operations and paid dividends of 1.4 billion dollars.
Third-quarter revenue was ahead of prior expectations driven by continued strength in notebook sales, which helped offset COVID-19-driven headwinds affecting significant portions of the company's business, Intel said.
In the third quarter, Intel continued to introduce new products addressing key growth opportunities including artificial intelligence, 5G network transformation and the intelligent, autonomous edge.
Intel's third 10nm manufacturing facility, which is located in Arizona, is now fully operational and the company now expects to ship 30 percent higher 10nm product volumes in 2020 compared to January expectations.
"Our teams delivered solid third-quarter results that exceeded our expectations despite pandemic-related impacts in significant portions of the business," said Bob Swan, Intel CEO.