Intel Corporation (NASDAQ:INTC) stock surged in Friday’s early deals after the microchip maker, in an afterhours statement yesterday, revealed better-than-expected earnings for the fourth quarter.
Earnings per shares, adjusted to exclude certain items, came in at US$1.08 versus Wall Street expectations for 86 US cents.
Fourth quarter revenue, meanwhile, amounted to US$17.05bn up from US$16.35bn in the preceding year’s comparative, which was in line with market expectations.
The company said it was taking a US$5.4bn one-time charge related to the US tax reforms.
Trying to avoid Meltdown
Intel also attempted to reassured the market that it is working on ‘silicon updates’ designed to protect against the ‘meltdown and spectre’ security flaws which were recently uncovered earlier this month.
At the same time, however, it cautioned: “We have and may continue to face product claims, litigation, and adverse publicity and customer relations from security vulnerabilities and/or mitigation techniques, including as a result of side-channel exploits such as ‘Spectre’ and ‘Meltdown,’ which could adversely impact our results of operations, customer relationships, and reputation.
Intel stock rose US$2.83 or 6.25% in pre-market dealing to US$48.13.