As CEO Pat Gelsinger overhauls the once-dominant chipmaker, Intel expects revenues to rise by just under 2% this year, with growth rising up in the future years.
“By 2023-24, revenues will be in the mid to high single digits,” the company said in a statement.
Intel predicts 2% sales growth
Intel has so far been unable to capitalize on the rapidly growing demand for chips spurred by the work-from-home trend and semiconductors’ growth into a wider range of goods. Despite a 26 percent increase in chip sales to a record $556 billion, Intel reported a 4% drop in revenue last year.
CPUs from the corporation are still the most important components of most laptops and desktop computers, accounting for the majority of its sales.
Last year, boosted by the transition to remote work, PC shipments reached record highs, but analysts are afraid that this will not be continued as Intel faces severe competition from ADM and some customers, like as Apple, who are using their own CPUs.