Chipmaker Intel Corporation (NASDAQ:INTC) reported first-quarter financial results after market close Thursday. Here are the key highlights.
What Happened: Intel reported first-quarter revenue of $11.7 billion, which was down 36% year-over-year. The revenue total beat a Street consensus estimate of $11.04 billion, according to data from Benzinga Pro.
The company reported a loss of 4 cents per share in the first quarter, beating a Street estimate of a loss of 15 cents per share.
Intel said it exceeded company expectations for revenue and earnings per share.
“We delivered solid first-quarter results, representing steady progress with our transformation,” Intel CEO Pat Gelsinger said. “We hit key execution milestones in our data center roadmap and demonstrated the health of the process technology underpinning it.”
Revenue by business segment in the first quarter was:
- Client Computing Group: $5.8 billion, -38% year-over-year
- Data Center and AI: $3.7 billion, -39% year-over-year
- Network and Edge: $1.5 billion, -30% year-over-year
- Mobileye: $458 million, +16% year-over-year
- Intel Foundry Services: $118 million, -24% year-over-year
The company highlighted its Data Center and AI division as a critical part of its portfolio as it looks to “truly democratize AI through an open and secure ecosystem approach.”
Related Link: Microsoft’s AI Amibtions Spell Trouble For Intel Warns Analyst
What’s Next: Intel is guiding for second quarter non-GAAP revenue to come in a range of $11.50 billion to $12.5 billion. Analysts are expecting $11.75 billion on average, according to data from Benzinga Pro.
“While we remain cautious on the macroeconomic outlook, we are focused on what we can control as we deliver on IDM 2.0: driving consistent execution across process and product roadmaps and advancing our foundry business to best position us to capitalize on the $1 trillion market opportunity ahead,” Gelsinger said.
INTC Price Action: Intel shares are down 2% to $29.33 in after-hours trading Thursday.
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