Intel hits Q1 targets with revenue of $18.31B but falls short on Q2 estimates
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Intel reported that its first-quarter revenues and profits were above expectations, as the chip giant beat Wall Street estimates. But its forecasts for future quarters put a damper on the results.
On a non-GAAP basis, Santa Clara, California-based Intel reported net income of 87 cents a share, down 35% from a year earlier and 7 cents above guidance in January. Non-GAAP revenue for the quarter was $18.4 billion, down 1% from a year ago and slightly above guidance in January.
Analysts expected Intel to report Q1 earnings per share of 8 cents on revenues of $18.31 billion. For the second quarter ended June 30, the company is expected to report earnings per share of 83 cents on revenue of $18.38 billion. Intel’s stock in after-hours trading is down 4% to $44.96 a share.
Q1 was a strong start to the year, exceeding expectations on both the top- and bottom-line,” said Pat Gelsinger, Intel CEO, in a statement. “With a $1 trillion market opportunity ahead of us, we remain laser focused on our IDM 2.0 strategy. We executed well against that strategy in Q1, delivering key product and technology milestones and announcing plans to expand our manufacturing capacity in both the US and Europe to meet the continued demand for semiconductors and drive a more balanced, resilient global supply chain.”
“Intel delivered strong first-quarter financial results, and we are reaffirming our full-year revenue guidance,” said David Zinsner, Intel chief financial officer, in a statement. “We remain committed to the financial framework we laid out at Intel’s Investor Meeting, including diligently managing the business to drive both growth
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