RTTNews | Jan 26, 2022 05:39PM EST

17:38 Wednesday, January 26, 2022 (RTTNews.com) - Intel Corp. (INTC) Wednesday reported a profit for the fourth quarter that trumped Wall Street estimates, as revenues grew 3% driven by Data Center Group' record revenues.

Santa Clara, California-based Intel reported fourth-quarter profit of $4.62 billion or $1.13 per share, down from $5.86 billion or $1.42 per share last year.

Adjusted earnings for the quarter were $1.09 per share, down from $1.48 per share last year. On average, 34 analysts polled by Thomson Reuters estimated earnings of $0.90 per share for the quarter.

Intel's revenues for the quarter rose 3% to $20.53 billion from last year's revenue of $19.98 billion. Adjusted revenues for the quarter were $19.5 billion, compared to $18.9 billion a year ago. Analysts had a consensus revenue estimate of $18.32 billion for the quarter.

The company said its fourth-quarter revenue was led by an all-time record quarter for Data Center Group (DCG), with strong server recovery in enterprise and government.

Looking forward to the first quarter, Intel expects adjusted revenues of about $18.3 billion and adjusted earnings of around $0.80 per share. Analysts currently estimate earnings of $0.86 per share and revenues of $17.62 billion.

INTC closed Tuesday's trading at $51.69, up $0.69 or 1.35%, on the Nasdaq. The stock, however, slipped $1.48 or 2.86%, in the after-hours trade.

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