In the first quarter, Intel, a major chipmaking company headquartered in Santa Clara, California, exceeded Wall Street’s expectations but gave lower guidance for the current quarter. The company reported adjusted earnings of 18 cents per share on sales of $12.72 billion for the March quarter, surpassing analyst predictions of 14 cents per share on sales of $12.8 billion. In the same period last year, Intel recorded a loss of 4 cents per share on sales of $11.72 billion.
Following the earnings report, Intel stock fell by 7% in after-hours trading to 32.65. However, it rose by 1.8% during regular trading hours on Thursday and closed at 35.11. Additional information from the earnings report is expected to be released soon.
Other companies in the semiconductor industry such as STMicroelectronics and Mobileye Global also reported their first-quarter results. STMicroelectronics missed analyst estimates and offered a lower outlook for the current quarter due to weak performance in automotive and industrial chip markets. Meanwhile, Mobileye Global delivered mixed Q1 results and issued sales forecasts that were in line with expectations for the upcoming year. Mobileye focuses on producing chips and hardware for advanced driver assistance systems and autonomous vehicles.
In terms of stock performance within IBD’s semiconductor manufacturing industry group, Intel ranks No. 16 out of 33 stocks with a poor IBD Composite Rating of 38 out of 99
