Intel Corporation (NASDAQ:INTC) shares are trading lower after the company reported worse-than-expected first-quarter sales results and issued earnings guidance below estimates on Thursday. Here's a look at the details.
The Details:
Intel reported quarterly earnings of 18 cents per share, which beat the analyst consensus estimate of 14 cents by 28.57%.
Quarterly sales came in at $12.72 billion, which missed the analyst consensus estimate of $12.78 billion by 0.44% and represents an 8.61% increase over sales of $11.71 billion from the same period last year.
Revenue by segment in the first quarter and the year-over-year change was:
| Client Computing Group (CCG) | $7.5 billion | up | 31% | |||
| Data Center and AI (DCAI) | $3.0 billion | up | 5% | |||
| Network and Edge (NEX) | $1.4 billion | down | 8% | |||
| Intel Foundry | $4.4 billion | down | 10% |
“We are making steady progress against our priorities and delivered a solid quarter,” said Pat Gelsinger, Intel CEO.
“Strong innovation across our client, edge and data center portfolios drove double-digit revenue growth in Intel Products. With Intel 3 in high-volume production, leading-edge semiconductors are being manufactured in the U.S. for the first time in almost a decade and we are on track to regain process leadership next year as we grow Intel Foundry,” he added.
“We are confident in our plans to drive sequential growth throughout the year as we accelerate our AI solutions and maintain our relentless focus on execution, operational discipline and shareholder value creation in a dynamic market,” Gelsinger said.
Outlook:
Intel sees second-quarter earnings of 10 cents per share, versus the 10 cent estimate, and revenue in a range of $12.5 billion to $13.5 billion, versus the $12.68 billion estimate.
Related News: S&P Global Reports Q1 Results, Raises Revenue Guidance
INTC Price Action: According to Benzinga Pro, Intel shares are down 8.7% after-hours at $31.96 at the time of publication Thursday.
Image: Monticello from Shutterstock
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