Sumary of Intel stock ticks lower as results top estimates, but outlook weighs:
- Intel INTC, -0.48% shares were last down 1% in the extended session, following an initial 3% uptick in after-hours trading.
- Shares closed down 0.5% in the regular session at $55.96. Intel reported second-quarter net income of $5.06 billion, or $1.24 a share, compared with $5.11 billion, or $1.19 a share, in the year-ago period.
- After adjusting for acquisition-related expenses and other items, Intel reported earnings of $1.28 a share, compared with $1.23 a share from a year ago.
- Revenue declined to $19.63 billion from $19.73 billion in the year-ago quarter, for a fourth straight quarter of year-over-year revenue declines, but topped its own and analysts’ estimates.
- Excluding the company’s memory business, revenue was $18.5 billion.
- Analysts had estimated adjusted earnings of $1.07 a share on revenue of $17.81 billion, while Intel had forecast adjusted earnings of $1.05 a share on revenue of $18.9 billion, or $17.8 billion when removing the memory business it was divesting.
- “Our second-quarter results show that our momentum is building, our execution is improving, and customers continue to choose us for leadership products,” said Intel Chief Executive Pat Gelsinger in a statement.