Intel posted Q1 2020 revenue of $19.8 billion, up 23% YoY. The company generated approximately $6.2 billion in cash from operations, paid dividends of $1.4 billion and used $4.2 billion to repurchase 71 million shares of stock.
Intel achieved 34 percent data-centric revenue growth and 14 percent PC-centric revenue growth YoY.
First-quarter data-centric results were led by strength in the Data Center Group (DCG) with revenue up 43 percent YoY driven by broad strength including 53 percent YoY growth in cloud service provider revenue.
Intel’s memory business (NSG) and Mobileye both set new revenue records in the first quarter. Also, Intel introduced a broad, datacentric portfolio for 5G network infrastructure, including the new Intel Atom P5900, a 10nm system-on-chip (SoC) for wireless base stations; a next-generation structured ASIC for 5G network acceleration (code-named “Diamond Mesa”); and new 2nd Gen Intel Xeon Scalable processors.
Intel confirmed that it has maintained essential factory operations with greater than 90 percent on-time delivery while supporting employees, customers and communities in response to the COVID-19 pandemic.
“Our first-quarter performance is a testament to our team’s focus on safeguarding employees, supporting our supply chain partners and delivering for our customers during this unprecedented challenge,” said Bob Swan, Intel CEO. “The role technology plays in the world is more essential now than it has ever been, and our opportunity to enrich lives and enable our customers’ success has never been more vital. Guided by our cultural values, competitive advantages and financial strength, I am confident we will emerge from this situation an even stronger company.”
On March 24, 2020, Intel announced the suspension of share buybacks in light of the COVID-19 pandemic. The dividend remains unchanged.
