Intel, the world’s topmost computer chip maker, is making a massive growth in the artificial intelligence markets as well. The CEO of the company revealed that Intel had incurred higher revenue in AI in 2019. Intel has shown positive earnings in the fourth quarter of the year, which indeed surpass the estimates.
Bob Swan Says Intel’s prospects in AI are bright
Bob Swan, the CEO of the Intel, said the company had stormed the market, and the possibilities of the company look bright. As per Bob Swan, the 2019 earnings of the company have been close to 3.8 Billion dollars in the AI itself. The market stakes can go up to 24 Billion dollars by the year 2024.
The computer chip maker had a tumultuous business scenario in the past few years when there was a change in the leadership, and the company also failed to fulfill its prospective projects like creating competitive microchips. The competitors came up with more advanced devices.
Intel’s growth beats expectations
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However, Intel is now on the growth spree, and its business recorded an increase of around 10 percent. The overall revenue grew by 8 percent to a whopping 20.2 Billion dollars in the fourth quarter, the estimates of the experts have been surpassed, and the stock prices of the company increased by 5 percent.
As per Swan, more than 50 percent of the company’s revenue is now data-centric and focuses on the management, process, and storage of data through social media, IoT, and smartphones.
Swan expressed that the growth of the company has just begun. In a statement, he said,
“To reach our multi-year goals, we will continuously focus on three key priorities: accelerating growth, improving execution, and deploying our capital for attractive returns.”
Bob Swan talks about Intel’s Revenue and Its Brighter Prospects
Bob Swan has been highly optimistic about the company prospects and said that Intel expects to expand in the coming years. The revenue of the company has grown from 72 billion dollars in 2019 to a massive 73.5 Billion dollars in 2020. He also said that “We feel great about how we wrapped up the year with the best quarter in the company’s history. 2019 was the best year in our company’s history and our outlook,”
He added that,
“In 2020, we’ll do it again. We expect it to be another record year. And our ambitions have just never been higher”.