Bold Statements From Incoming Intel CEO Pat Gelsinger

Furthermore, Intel's upcoming CEO Pat Gelsinger added that he has personally reviewed the progress of the updated 7nm process. Annual sales were $77.8 billion, up from $72 billion in 2019.

Fourth-quarter revenues and adjusted earnings per share both topped Wall Street targets, according to IBES data from Refinitiv.

They later fell about 1.9 per cent in after hours trading.

The incoming chief executive of Intel Corp said on Thursday that most of the company's 2023 products will be made in Intel factories but he sketched a dual-track future in which it will lean more heavily on outside factories. "At the same time, given the breadth of our portfolio, it's likely that we will expand our use of external foundries for certain technologies and products".

Those reassurances will have been welcome news for investors, who have been anxious that Intel's seven-nanometer technology has been unable to keep pace with that of its competitors. The smaller the process, which refers to the length of connections between transistors, the more transistors can be fitted onto a single chip, improving power and efficiency and creating a better overall product. At the tail end of December, hedge fund Third Point urged the chipmaker to significantly reshuffle several elements of its business, including divesting some of its units.

The data was part of Intel's yet unpublished quarterly earnings the company was planning to publish and file with the U.S. Securities and Exchange Commission after the stock market closed on Thursday.

Gelsinger is now CEO of software firm VMware but has experience with Intel.

Departing Intel chief executive Bob Swan said the company was in a strong position as he prepares to leave the role

Gelsinger is taking the reins of a company in the midst of its worst crisis in at least a decade.

"COVID-19 has helped PC sales but consumers and enterprises will only buy so many PCs", Mueller pointed out. Intel's manufacturing technology, called a 7-nanometer process, is expected in 2023. "The option of using partners is a different game that Intel is not accustomed to and comes with very different dynamics and most importantly profits".

Kinngai Chan, analyst at Summit Insights Group, said Intel is not likely to outsource its flagship chips.

The company also raised its dividend by 5%. It had released new "Tiger Lake" chips for high-end PCs for the holiday shopping season.

But sales to cloud computing customers, some of the largest and fastest-growing purchasers of data center chips, were down 15% in the fourth quarter.

Despite the rosy results for 2020, Intel has faced its share of challenges in recent years with the company losing market share to chief rival AMD and other competitors.

"It has been an honor to lead this wonderful company, and I am proud of what we have achieved as a team", Swan said. But the new law has yet to specify funding levels or recipients, and Forrester Research analyst Glenn O'Donnell said Intel might take the opportunity to solicit USA government support for domestic manufacturing.

Fuel prices hit record high in city
The unabated spike in fuel prices continued on Friday with petrol touching its record high, costing Rs 85.45 per litre in Delhi. Since January 1, the prices of these two fuels have risen by Rs 1.22 and Rs 2.15 respectively a litre.