So much for a 'kitchen sink' quarter ahead of new CEO Gelsinger's reign...

In an early, surprise, earnings release, Intel crushed top-and bottom-line expectations for the quarter

• *INTEL 4Q ADJ EPS $1.52, EST. $1.11
• *INTEL 4Q REV. $18.3B, EST. $17.50B

And furthermore raised expectations for the next quarter and for 2021 overall (according to Bloomberg):

• *INTEL SEES 1Q REV. $17.4B, EST. $16.18B
• *INTEL SEES 1Q ADJ EPS $1.10, EST. 95C
• *INTEL SEES 2021 REV. $75.3B, EST. $70.40B
• *INTEL SEES 2021 ADJ EPS $4.90, EST. $4.53

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Source: Bloomberg

2020 marked Intel's fifth consecutive year of record revenue.

Outgoing CEO Bob Swan said:

“We significantly exceeded our expectations for the quarter, capping off our fifth consecutive record year.

Demand for the computing performance Intel delivers remains very strong and our focus on growth opportunities is paying off. It has been an honor to lead this wonderful company, and I am proud of what we have achieved as a team. Intel is in a strong strategic and financial position as we make this leadership transition and take Intel to the next level.”

INTC shares surged over 7% to their highest since June 2020 on the news...

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In 2020, Intel generated a record $35.4 billion cash from operations and $21.1 billion of free cash flow (FCF) and returned $19.8 billion to shareholders.

It seems Swan has left Genslinger with some big goals.