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1980 Intel Annual ReportAlthough 1980 was a record year in which revenues grew by 29% and earnings by 24%, most of the growth took place in the first half of the year. In fact, earnings in the fourth quarter were down 1% from the comparable quarter in 1979, even though revenues were higher by about 13%. This is the first unfavorable quarterly comparison of earnings Intel has experienced since the recession year of 1975. On a per-share basis, reflecting the two-for-one stock split in September 1980, earnings were $2.21 for 1980 vs. $1.85 in 1979. For the fourth quarter, earnings per share amounted to $0.52 vs. $0.54 in the similar 1979 period.As the year progressed, an overcapacity situation developed in many product areas because of a sluggish economy and major worldwide expansions of manufacturing capacity. As a result, prices declined faster than we were able to decrease costs. It is likely that general price softness will continue to grow. Even during this period of economic weakness we are shipping record quantities of semiconductor devices.Early in the year, as it became apparent that capacity was likely to catch demand, we changed our emphasis from maximizing output to increasing efficiency and productivity. The programs who accomplish this have begun to have positive results. A major strength of the electronics industry has been its ability to demonstrate major productivity increases in manufacturing electronic functions through technological advances. In addition, we are extending productivity measure and improvement programs into administrative areas as well.Read the full 1980 Intel Annual Report.
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