By Michael Dabaie

Intel Corp. (INTC) shares rose 8% to $68.25 with heavy volume early Friday.

The chip maker Thursday said fourth-quarter revenue was $20.2 billion, up 8% on year and above FactSet consensus for $19.2 billion.

Adjusted per-share earnings were $1.52, up from $1.28 a year earlier and beating FactSet consensus for $1.25.

Intel guided for 2020 revenue of about $73.5 billion and first-quarter revenue of about $19 billion.

The company said its board approved a 5% cash dividend increase to $1.32 a share on an annual basis. The board declared a quarterly dividend of 33 cents a share.

UBS maintained Intel at Buy, but raised its price target to $75.

Nomura Instinet raised its target price to $74 from a prior $65.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

January 24, 2020 10:17 ET (15:17 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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