Intel

(Intel)

Intel Posts 1Q Revenue Miss

Earnings Reuters

Chipmaker Intel Corp (INTC) forecast a 3 percent jump in current-quarter revenue, based on expectations of stronger demand for its personal computer chips and continued strength in its data center business.

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Intel's shares rose 3 percent to $32.42 in after market trading.

The company's net income rose to $1.99 billion, or 41 cents per share, in the first quarter ended March 28 from $1.93 billion, or 38 cents per share, a year earlier.(http://bit.ly/1ze5eaV)

Analysts had expected a profit of 41 cents per share, according to Thomson Reuters I/B/E/S.

The company, which reported consolidated results for its PC and loss-making mobile businesses for the first time, had posted a better-than-expected profit in the last four quarters.

Analysts have criticized the consolidation, saying it limits transparency, especially into the mobile business.

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Intel has been lagging behind rivals such as Qualcomm Inc and ARM Holdings Plc — the British company behind the processor in Apple's iPhone 6 — in the fast-growing smartphone market.

Intel forecast current-quarter revenue of $13.2 billion, plus or minus $500 million. Analysts were expecting revenue of $13.51 billion, according to Thomson Reuters I/B/E/S.

Intel' first-quarter revenue was $12.8 billion, flat with a year ago and slightly below analysts' average estimate of $12.9 billion.

The chipmaker had slashed its first-quarter revenue forecast by nearly $1 billion in March, citing weak demand for PCs that use the company's chips.

(Reporting By Lehar Maan in Bengaluru; Editing by Savio D'Souza)

 

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