Intel stock ticks lower as results top estimates, but outlook weighs

intel stock ticks lower as results top estimates but outlook weighs

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.

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