By Colin Kellaher

Intel Corp. on Wednesday said it expects to report fourth-quarter revenue and earnings above its prior guidance.

The chip giant in October had said it expected adjusted earnings of $1.10 a share on revenue of about $17.4 billion.

Analysts polled by FactSet, on average, are expecting an adjusted profit of $1.10 a share on revenue of $17.45 billion.

Intel, which is slated to report its fourth-quarter earnings on Jan. 21, updated its guidance as it announced the ouster of Bob Swan as chief executive. VMWare Inc. CEO Pat Gelsinger will replace Mr. Swan on Feb. 15 in a move that comes after activist hedge fund Third Point LLC urged sweeping changes at the company.

Intel said the change at the top isn't related to its financial performance last year.

Shares of Intel rose 7.6% to $57.27 in early trading Wednesday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

01-13-21 1016ET