Intel earnings (NASDAQ:INTC) came out late in the day on Thursday, with the company’s results coming in ahead of what analysts were calling for in the profit mark, but a revenue miss send INTC stock sinking after hours.
The Santa Clara, Calif.-based company said that for its fourth quarter of its fiscal 2018, it amassed adjusted earnings of $1.28 per share, beating the $1.22 per share that Wall Street called for, per Refinitiv. On the revenue front, the company raked in sales of $18.66 billion, which was weaker than the $19.01 billion that analysts polled by Refinitiv projected.
The tech company’s Data Center Group, responsible for chips for cloud providers, brought in $6.07 billion in revenue, missing the $6.35 billion that the Wall Street guidance called for, per FactSet. Intel’s Non-Volatile Memory Solutions Group raked in revenue of $1.11 billion, below the $1.12 billion outlook.
For its first quarter of 2018, the company sees its adjusted earnings as being 87 cents per share, below the $1.01 per share that Refinitiv predicts. Revenue is slated to be $16 billion, missing the $17.35 billion Refinitiv guidance.
The revenue miss and weak guidance sent INTC stock down 6.8% after hours. Shares had been up 3.8% during regular trading hours for Intel.