Intel Reports Q1 Earnings Beat, Shares Down 4% on Worse Than Expected Q2 Guidance
2022.04.29 00:21
Intel Reports Q1 Earnings Beat, Shares Down 4% on Worse Than Expected Q2 Guidance
Intel (NASDAQ:INTC) reported its Q1 results, with EPS of $0.87 coming in better than the consensus estimate of $0.80. Revenue declined 1% year-over-year to $18.4 billion, slightly above the consensus estimate of $18.31 billion.
Despite the beat, the company’s shares were trading over 4% lower after-hours, which is likely the result of the worse-than-expected Q2/22 guidance. The company expects Q2 EPS of $0.70 (vs. Street’s $0.83) and revenue of $18 billion (vs. Street’s $18.38 billion).
The company reaffirmed its full 2022-year guidance, expecting EPS of $3.60, compared to the consensus of $3.50, and revenue of $76 billion, compared to the consensus of $75.78 billion.
CEO Pat Gelsinger said the company remains focused on its IDM 2.0 strategy to capture a $1 trillion market.
Shares of Intel were down 9% year-to-date going into the earnings results.
By Davit Kirakosyan
