Intel's Stock Falls 8% On Mixed Earnings And Weak Guidance

2024-04-26 10:12:51

(MENAFN- Baystreet) Melco Progresses on Sustainability Strategy Report

Pfizer Gains as Gene Therapy Wins FDA Nod

Saia Tumbles on Q1 Results

Colgate-Palmolive Stock Rises On Earnings Beat And Raised Guidance

Rubrik's Stock Rises 16% On First Day Of Trading Previous Articles Subscribe to Get Small Cap News & Alerts Baystreet Staff - Friday, April 26, 2024

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.

About Us
Contact Us
Advertise
License Our Content
Jobs
Disclaimer
Privacy Policy

Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks

MENAFN26042024000212011056ID1108143621

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.