Intel’s Mixed Q1 Results: A Closer Look at the Earnings Report
Intel, a major chipmaking company based in Santa Clara, California, exceeded Wall Street’s expectations in the first quarter but provided lower guidance for the current quarter. This led to a decline in Intel stock during extended trading. The company reported adjusted earnings of 18 cents per share on sales of $12.72 billion for the March quarter, which was higher than analyst estimates of 14 cents per share on sales of $12.8 billion. However, in the same period last year, Intel reported a loss of 4 cents per share on sales of $11.72 billion.
Following the earnings report, Intel stock fell by 7% in after-hours trading to 32.65. Despite this, the stock rose by 1.8% during regular trading session on Thursday, closing at 35.11. Further details from the earnings report are expected to be released soon.
Other companies in the semiconductor industry such as STMicroelectronics and Mobileye Global also reported their first-quarter results. STMicroelectronics missed analyst estimates and provided a lower guidance for the current quarter due to weak performance in automotive and industrial chip markets. On the other hand, Mobileye Global delivered mixed Q1 results and issued in-line sales guidance for the upcoming year, specializing in producing chips and hardware for advanced driver assistance systems and autonomous vehicles.
In terms of stock performance, Intel ranks at No. 16 out of 33 stocks in IBD’s semiconductor manufacturing industry group with a poor IBD Composite Rating of 38 out of 99
