Computer software firm Intel is returning to its glory days.
Shares surged 8 percent Friday, beating Wall Street expectations and trading at some of the highest levels since the dot-com bubble. As of press time, shares were hovering around $68.
“In 2019, we gained share in an expanded addressable market that demands more performance to process, move and store data,” Swan said in a statement. “One year into our long-term financial plan, we have outperformed our revenue and EPS expectations. Looking ahead, we are investing to win the technology inflections of the future, play a bigger role in the success of our customers and increase shareholder returns.”
Still, there could be reasons to remain cautious on the stock. Intel itself said on an earnings call Thursday that it could see a slowdown in cloud-customer spending in the latter half of 2020, as well as some increased competition from other big technology brands.
“We expect total revenue to be more front-end loaded in the first half than we’ve seen historically,” George Davis, the company’s chief financial officer, said on the call.
Intel’s stock climbed 14 percent in the last week and is up 44 percent on the year. It projects a fiscal year 2020 revenue of more than $73 billion, $1 billion more than Refinitiv estimates.