Intel Corp (NASDAQ:INTC) shares are trading lower Friday after the company reported financial results and issued guidance below analyst estimates.
Intel said first-quarter revenue declined 7% year-over-year to $18.4 billion, which beat the $18.31 billion estimate, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of 87 cents per share, which beat the estimate of 80 cents per share.
Intel said it expects second-quarter adjusted revenue of $18 billion versus the $18.38 billion estimate. The chipmaker said it expects full-year 2022 revenue to be approximately $76 billion and adjusted earnings per share to total $3.60.
Analyst Assessment:
- Needham analyst Quinn Bolton maintained Intel with a Buy rating and lowered the price target from $60 to $55.
- Wells Fargo analyst Aaron Rakers maintained Intel with an Equal-Weight rating and lowered the price target from $60 to $55.
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INTC 52-Week Range: $43.62 - $58.63
The stock was down 6.1% at $43.99 at time of publication.
Photo: courtesy of Intel.
