Intel CEO: Bad Companies Are Destroyed by Crises; Great Companies Are Improved by Them

Intel CEO Bob Swan cited a quote from former CEO Andy Grove as particularly apt during the pandemic. In a call with analysts, Swan noted that Grove once said, “Bad companies are destroyed by crises; good companies survive them; great companies are improved by them.” From a report: Swan made the remarks after reporting what he said were “outstanding” results for both earnings and revenues in the “incredibly challenging” first quarter. But investors were spooked and drove the stock down 5% in after-hours trading, in part because Intel decided not to offer full financial guidance for all of 2020, due to uncertainties in the market. Intel also said its gross profit margins, or the money it makes on the sale of its products, would likely be lower in the second quarter. That is in part because the company is recording higher expenses as it prequalifies the manufacturing of its second generation of 10-nanometer products — which is considered a normal expense in a process technology transition.