Intel last night reported that it earned a net income of $4.6 billion on record revenues of $20.5 billion for the quarter ending December 29, 2021, handily beating expectations. It also reported a net income of $19.9 billion on record revenues of $79 billion for all of 2021.
“The fourth quarter represented a great finish to a great year,” Intel CEO Pat Gelsinger said. “We exceeded top-line quarterly guidance by over $1 billion and delivered the best quarterly and full-year revenue in the company’s history. Our disciplined focus on execution across technology development, manufacturing, and our traditional and emerging businesses is reflected in our results. We remain committed to driving long-term, sustainable growth as we relentlessly execute our IDM [integrated device manufacturing] 2.0 strategy.”
Intel has four top-level business units, but two of them, the Client Computing Group and the Data Center Group, deliver most of the revenues. Intel’s Client Computing Group reported revenues of $10.1 billion in the fourth quarter, “proving that PCs are more essential than ever,” and $40 billion for the full year. And the Data Center Group delivered $7.3 billion in revenues in the fourth quarter and $26.1 billion for the full year.
Intel says it generated $30 billion of cash from its operations 2021, along with $11.3 billion of free cash flow. It is increasing its quarterly cash dividend by 5 percent.