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Leading U.S. chipmaker Intel beat earnings estimates for the most recent quarter in results reported Thursday, but its stock plunged after hours after it revealed a gloomier outlook for the rest of the year and new delays in delivering its next-generation 7-nanometer chips. 

Why it matters: This is the first quarter to reflect the full impact of the coronavirus pandemic on the U.S. and global economy. 

The company reported $1.23 per share in earnings, adjusted, vs. $1.11 per share that analysts expected, according to Refinitiv.

Its revenue was $19.73 billion, vs. an analyst expectation of $18.55 billion, according to Refinitiv.

Intel beats earnings, but outlook is gloomy

The company also said its next generation of microchips would be delayed.

Illustration of a black microprocessor chip against a green grid

Technology

Intel

Business

Leading U.S. chipmaker Intel beat earnings estimates for the most recent quarter in results reported Thursday, but its stock plunged after hours after it revealed a gloomier outlook for the rest of the year and new delays in delivering its next-generation 7-nanometer chips. Why it matters: This is the first quarter to reflect the full impact of the coronavirus pandemic on the U.S. and global economy.

From the Valley to D.C., Big Tech players like Facebook, Google and Amazon are under more scrutiny than ever as new technology develops and privacy and antitrust concerns grow in lockstep with companies’ ambitions.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Intel beats earnings, but outlook is gloomy

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