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Semiconductor giant Intel, the 2nd heaviest weight in the SMH reported better than expected first quarter earnings but guided lower and pulling full year after the close Thursday. $INTC shares fell over 6%

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Intel Corporation NASDAQ: INTC Reported Earnings After Close Thursday

 $1.45 Beat $1.28 EPS Forecast BUT $19.63 Beat $18.70 Billion forecast in revenue. 


Intel Corporation (INTC) reported earnings of $1.45 per share, adjusted on revenue of $19.83 billion, Analysts polled by Refinitiv had expected $1.28 in earnings per share on an adjusted basis and $18.70 billion in revenue.

Intel stock fell after the company said it would not give guidance for the full year

Intel Corporation NASDAQ: INTC

Market Reaction After hours $55.75 −$3.29 (-5.57%)

Intel Financial Summary


  • Intel’s Client Computing Group, which includes PC chips, produced $9.78 billion in revenue in the quarter, 13.8% higher than the first quarter of 2019 and more than the $9.34 billion consensus among analysts surveyed by FactSet.
  • The Data Center Group, including chips for cloud providers and enterprise-focused server makers, posted $6.99 billion in revenue, growing 42.7% and greater than the FactSet consensus of $6.32 billion.
  • Revenue from the Internet of Things segment totaled $1.14 billion, up 1.6% and above the FactSet consensus of $1.03 billion.
  • The Non-Volatile Memory Solutions Group had $1.34 billion in revenue, up 46.2% and above the $1.21 billion FactSet consensus.
  • In the quarter Intel demonstrated 10-nanometer mobile chips codenamed Tiger Lake, saying they would ship later this year, and provided a preview of its DG1 discrete graphics card.
  • The company announced the suspension of share buybacks on March 24.
  • PC shipments fell nearly 10% year over year in the quarter, according to IDC estimates.l, I

Goldman Sachs analysts led by Toshiya Hari upgraded its rating on Intel stock to neutral from sell on March 24. “Despite the headwinds related to Covid-19, we are maintaining our estimates as we believe there are multiple near-term positive developments (i.e., potential strength/resilience in the high-end client CPU and server CPU markets given a growing number of people working/studying from home) that could largely offset the headwinds (i.e., weaker consumption and enterprise spending),” the analysts wrote in a note.

In the fourth quarter Intel announced the $2 billion acquisition of artificial intelligence chip company Habana Labs and completed the sale of the majority of its smartphone modem business to Apple.

AMD Competition

Intel has faced greater competition from AMD, which has beat it to market with chips featuring small 7-nanometer transistors. INTC’s 10nm server MPU [microprocessor unit] is at least one full year behind AMD


 Intel said it expects $1.10 in adjusted earnings per share and $18.50 billion in revenue in the second quarter. Analysts polled by Refinitiv had expected adjusted second-quarter earnings of $1.19 per share on $17.97 billion in revenue.

Intel said it would not give guidance for the full year.


Source: Intel, Alpha Street

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