Intel Stock Falls as It Misses 2018 Revenue Target; 5G Remains 'Big Opportunity'
Intel closed down 5.5 percent to $47.04 Friday on its announcement it missed its 2018 revenue target and is forecasting sluggish 2019 revenue growth. But 5G is a bright spot. Though 2018 revenue jumped 13 percent to $70.8 billion, that’s…
Sign up for a free preview to unlock the rest of this article
Communications Daily is required reading for senior executives at top telecom corporations, law firms, lobbying organizations, associations and government agencies (including the FCC). Join them today!
$400 million short of the $71.2 billion it forecast Oct. 25. The 2019 revenue outlook is for a 1 percent increase to $71.5 billion. Seven months ago, it ousted CEO Brian Krzanich for violating “non-fraternization policy” (see 1806210008). Interim CEO and Chief Financial Officer Bob Swan acknowledged the search was a “top-of-mind question” with many analysts. The board “continues to evaluate candidates for what I believe is the biggest and best open job on the planet,” said Swan. “They are proceeding with a sense of urgency while also ensuring that they make the right choice.” Meantime, 5G is a "big opportunity" for both its PC- and data-centric businesses, said Swan. At CES, Intel unveiled its new 10-nanometer-based network SoC developed "specifically for 5G wireless access and edge computing," he said. Codename "Snow Ridge will bring Intel architecture into wireless access base stations, and allow more computing functions to be distributed out at the edge of the network," he said. "We expect to be in production on Snow Ridge in the second half of this year."