Intel Beats on Earnings Reported Barrons Renewal Edition

Intel Beats on Earnings Reported Barrons Renewal Edition crsreo

Barrons Renewal Edition, said the semiconductor company reported a first-quarter adjusted earnings per share loss of 4 cents, compared with Wall Street’s consensus estimate of a 16 cent loss, according to FactSet. Revenue came in at $11.7 billion, which was above analysts’ expectations of $11.01 billion, but was down 36% year-over-year.

For the current quarter, Intel gave a revenue forecast range of $11.5 billion to $12.5 billion—which was above the consensus of $11.74 billion at its midpoint.

Intel (ticker: INTC) shares rose 3.8% to $31.00 in the after hours session.

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In a phone interview with Barron’s, Intel Chief Financial Officer David Zinsner said the company was still facing a tough macro environment, but the general PC demand outlook was roughly in-line with their expectations during the quarter. The executive reaffirmed Intel’s prior 2023 PC industry forecast for the low end of a 270 million to 295 million unit range. On the positive side, he said Intel saw some stability in PC demand and “green shoots” of positive economic momentum in China. Barrons Renewal Edition said.

Sales for PCs—many of which are powered by Intel chips—have only gotten worse in recent quarters. Earlier this month, the research firm IDC said worldwide shipments of PCs fell 29% in the March quarter from a year earlier. That follows a 28% drop from a year earlier in the December quarter and a 15% decline in the September quarter.

Intel shares have fallen about 35% over the last 12 months.