Chipmaker Intel late Thursday edged above analyst expectations for the first quarter, but it missed views with its second-quarter outlook. Intel stock fell in extended trading.
The Santa Clara, Calif.-based company earned an adjusted 87 cents a share on sales of $18.35 billion in the March-ended quarter. Analysts polled by FactSet expected Intel earnings of 78 cents a share on sales of $18.33 billion. On a year-over-year basis, Intel earnings dropped 35% while sales dipped 1%.
"Intel delivered strong first-quarter financial results, and we are reaffirming our full-year revenue guidance," Chief Financial Officer David Zinsner said in a news release.
Intel's PC chip sales dropped 13% to $9.3 billion in the March quarter. However, Intel's other business units posted revenue gains in the period. Intel's data-center business saw sales jump 22% to $6 billion in the first quarter.
Intel Stock Falls On Disappointing Outlook
For the current quarter, Intel expects to earn an adjusted 70 cents a share on sales of $18 billion. Wall Street was looking for earnings of 80 cents a share on sales of $18.34 billion in the June quarter.
For the full year, Intel forecast adjusted earnings of $3.60 a share on sales of $76 billion. Analysts have predicted Intel earnings of $3.37 a share on sales of $74.9 billion.
In after-hours trading on the stock market today, Intel stock dropped 4.1% to 44.94. During the regular session Thursday, Intel stock rose 3.6% to close at 46.84.
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