Intel beats earnings, but outlook is gloomy
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.