The profitable slide could have leaked early

Intel boss Robert “Bob” Swan announces the new microprocessors of the chip group with the name “Tiger Lake” at the technology fair CES in Las Vegas on January 7th, 2020.

Christoph Dernbach | Image Alliance | Getty Images

On Thursday, Financial Wires released details of Intel’s fourth quarter results minutes before markets close at 4 p.m. when they are normally released.

The results showed that Intel exceeded expectations for revenue and earnings per share. The stock rose 3% in the 15 minutes before the market closed. Intel then gave up most of Thursday’s gains in extended trading.

CNBC checked an infographic of Intel’s year-end stats – not a full earnings release – before the markets closed on Thursday. Intel released its full fourth quarter results minutes before their scheduled release.

Intel said it is investigating how the infographic came out.

“We are investigating reports that unauthorized access to a graphic in our earnings material may have been obtained,” an Intel spokesman told CNBC. “When we became aware of these reports today, we decided to release our earnings announcement shortly before the originally scheduled release time.”

Intel’s earnings outperformed its own projections, which the company attributed to strong PC sales, especially in the lower end of the range. Intel’s new CEO Pat Gelsinger said in an interview with analysts that the company will work to regain its lead in chip manufacturing as its competitors increasingly design chips and have them made by independent foundries in Asia.

Comments are closed.