Intel's Quarterly Earnings Beat Expectations While Revenue Falls Short

Shares of Intel Corp. slid in Wednesday's extended session after the semiconductor giant's quarterly earnings beat while revenue missed expectations slightly. Intel reported its second-quarter profit sank to $1.3 billion, or 27 cents a share, from $2.7 billion, or 55 cents a share, a year ago. On an adjusted basis, Intel would have earned 59 cents a share. Revenue edged up 3% to $13.5 billion. Analysts surveyed by FactSet had forecast the company to earn 54 cents a share on revenue of $13.56 billion. For the third quarter, Intel projected revenue of $14.9 billion, plus or minus $500 million, and gross margin of 60%, give or take a "couple of percentage points." Intel shares fell 3% in after-hours trading.