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Intel signals 2020 will be a turnaround year for chip industry leader

DATE POSTED:January 23, 2020

Intel signals 2020 will be a turnaround year for chip industry leaderThe company's sales in its closely watched data center business jumped 19%, helping it beat fourth-quarter profit and revenue estimates and sending its shares up 7% in extended trading. Chief Financial Officer George Davis said in an interview that sales to cloud computing providers were up 48% year-over-year in the fourth quarter, a trend expected to continue this year. Davis did not name specific customers, but so-called "hyperscale" cloud providers such as Amazon Web Services and Microsoft Corp in the United States and Alibaba Group Holding and Baidu Inc all purchase Intel chips for data centers whose capacity they rent out to large businesses.