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Intel's Stock Falls 8% On Mixed Earnings And Weak Guidance
Shares of Intel (INTC) are down 8% after the semiconductor company reported disappointing first-quarter earnings and issued downbeat forward guidance.
Intel announced earnings per share (EPS) of $0.18 U.S. versus $0.14 U.S. that was expected on Wall Street.
Revenue in Q1 came in at $12.72 billion U.S. versus $12.78 billion U.S. that was expected among analysts who track the company's progress. Sales were up 9% from a year ago.
The latest earnings report was the first since the company revealed that it had made its chip manufacturing business, called“Intel Foundry,” a separate line item.
Intel Foundry reported $4.4 billion U.S. in revenue during the quarter, down 10% from a year earlier, said the company.
Intel's biggest business remains the chips it makes for personal computers (PCs) and laptops, which is reported as“Client Computing” sales. Those chip sales totaled $7.50 billion U.S., up 31% from a year earlier.
Intel also makes central processors for servers that are reported in its Data Center and AI business. That unit saw sales rise 5% to $3 billion U.S. during Q1.
Earlier in April, Intel released a new artificial intelligence (AI) processor for servers called the“Gaudi 3” that's intended to compete against rival Nvidia's (NVDA) graphics processing units.
Looking ahead, Intel said that it expects earnings of $0.10 U.S. a share on revenue of $13 billion U.S.
That forecast compares to Wall Street expectations for earnings of $0.25 U.S. a share on $13.57 billion U.S. of revenue.
Prior to today (April 26), Intel's stock had declined 27% so far in 2024 and was trading at $35.11 U.S. per share.
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