Intel (INTC) December 2009 Q4 Earnings Notes
Press Release
-revenue $10.6B (10.17B est) up 28% y/y, gross margin 65% (62.2% est), EPS 55c (30c est)
Guidance
-Q1 revenue $9.7B (9.35B est), gross margin 61% (58.8% est)
-FY2010 gross margin 61%
Conference Call
-broad based strength across all products and regions
-servers had a very strong quarter
-will refresh entire server line in next 3 months, 32nm Xeon multi-processor
-highest gross margin in its history
Q&A
-Q4 had a rich mix. 2010 will have more normal one with ramp of 32nm mainstream products
-assuming normal seasonal year, double digit growth with a modest recovery in PCs
-Q2 is typically seasonally down and gross margin is down q/q
-Q4 ASP accounted for 2 points of gross margin increase. Q1 should be 1/2 point down q/q due to ASP
-Q1 will have higher CPU ramp costs due to first 32nm wafers, this will come down later in the year. Mix will be a little less rich
-pricing should come down some in the second half
Net-net
-great beat and raise quarter
-analysts wanted more in terms of ASP and gross margin guidance for 2010