Intel: shares fall after more cautious view of the year
(CercleFinance.com) - Despite beating estimates, Intel shares were down over 9% on Friday after the chipmaker cut its 2019 revenue forecast on slowing data-center growth.
First-quarter revenue came in at 16.1 billion dollars, flat year-on-year, with net income down 11% at 4 billion dollars.
Intel said sales of its data-centric products - featuring the second-generation Intel Xeon Scalable processor family for AI - fell by 5% in the past quarter.
The Californian company said it now expects full-year revenue of 69 billion dollars and non-GAAP EPS of 4.35 dollars, down from its January guidance.
"Looking ahead, we're taking a more cautious view of the year, although we expect market conditions to improve in the second half," said CEO Bob Swan.
Investors were steering clear of the stock today, with the share currently down over 9%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
First-quarter revenue came in at 16.1 billion dollars, flat year-on-year, with net income down 11% at 4 billion dollars.
Intel said sales of its data-centric products - featuring the second-generation Intel Xeon Scalable processor family for AI - fell by 5% in the past quarter.
The Californian company said it now expects full-year revenue of 69 billion dollars and non-GAAP EPS of 4.35 dollars, down from its January guidance.
"Looking ahead, we're taking a more cautious view of the year, although we expect market conditions to improve in the second half," said CEO Bob Swan.
Investors were steering clear of the stock today, with the share currently down over 9%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.