Intel Corp (NASDAQ:INTC) is trading lower Thursday morning after the company announced its fourth-quarter financial results and issued earnings guidance below estimates.
Intel reported quarterly adjusted earnings of $1.09 per share, which beat the 90 cent estimate. The company reported quarterly revenue of $19.5 billion, which beat the estimate of $18.32 billion.
Intel said it expects first-quarter earnings of 80 cents per share versus the estimate of 86 cents per share. The company expects revenue of $18.3 billion versus the estimate of $17.62 billion.
"Our disciplined focus on execution across technology development, manufacturing, and our traditional and emerging businesses is reflected in our results. We remain committed to driving long-term, sustainable growth as we relentlessly execute our IDM 2.0 strategy," said Pat Gelsinger, CEO of Intel.
Following the company's results, Mizuho analyst Vijay Rakesh maintained Intel with a Neutral rating and lowered the price target from $55 to $53.
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INTC Price Action: Intel has traded as low as $47.87 and as high as $68.49 over a 52-week period.
The stock was down 2.81% at $50.29 at time of publication.
Photo: courtesy of Intel.
