Microprocessor giant Intel today reported that it earned a net income of $5.9 billion on $20 billion in revenues in the quarter ending December 31, 2020.

“We significantly exceeded our expectations for the quarter, capping off our fifth consecutive record year,” outgoing Intel CEO Bob Swan said in a prepared statement. “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.”

Intel’s results didn’t just surprise the company, they were well ahead of investor expectations as well. These are the final results in Mr. Swan’s tenure; Pat Gelsinger takes over as the new Intel CEO on February 15.

Intel cited much stronger than expected PC sales for the happy surprise: Revenues were $2.6 billion higher than expected thanks to PC-centric revenues that were driven by a 33 percent gain, year-over-year, in PC unit sales. PC makers sold more Intel-powered portable PCs in the quarter than at any point in history, the company noted.

The numbers bear out this assessment: Intel’s PC-centric Client Computing Group (CCG) landed $10.9 billion in revenues in the quarter, more than half of all of Intel’s revenues, and was up 9 percent YOY. Intel’s Data Center Group (DCG) was its second-largest business with $6.1 billion in revenues, but that was down 16 percent YOY.

For the full year 2020, Intel reported a net income of $20.9 billion, flat when compared to 2019, on revenues of $77.9 billion, up 8 percent YOY. Intel’s CCG delivered $40.1 billion of those revenues, up 7 percent YOY.

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