Intel shares fall after company provides weak forecast for earnings, but disappoints with sales.
The stock fell 8% in extended trading.
Monthly stock price chart for Intel Corp. March to April 2024
Intel actual versus consensus expectations for the quarter ended in March 2024:
Earnings per share: 18 cents vs. 14 cents expected
Revenue: $12.72 billion vs. $12.78 billion expected
For the second quarter, Intel anticipates earnings of 10 cents per share with a projected revenue of $13 billion. This projection is in contrast to analysts’ expectations, which predict earnings of 25 cents per share on sales amounting to $13.57 billion.
In the first quarter, Intel disclosed a net loss of $400 million, equivalent to 9 cents per share, as opposed to the previous year’s net loss of $2.8 billion, 66 cents per share.
Revenue was $12.7 billion versus $11.7 billion a year ago, a 9% year-over-year increase.