Intel (NASDAQ:INTC) earnings for first quarter of 2020 have INTC stock falling after-hours Thursday. That’s despite its adjusted earnings per share (EPS) of $1.45 beating out Wall Street’s estimate of $1.28. The tech company’s revenue of $19.8 billion also surpasses analysts’ estimates of $18.7 billion.
Here’s a closer look at the most recent Intel earnings report.
- Adjusted per-share earnings are up 62.92% from 89 cents in the first quarter of 2020.
- Revenue comes in 22.98% higher than the $16.1 billion from the same period of the year prior.
- Operating income of $7 billion is a 66.67% increase year-over-year from $4.2 billion.
- The Intel earnings report also has it bringing in a net income of $5.7 billion.
- That’s a 42.5% improvement compared to $4 billion during the same time last year.
Bob Swan, CEO of Intel, said this in the INTC earnings report:
“Our first-quarter performance is a testament to our team’s focus on safeguarding employees, supporting our supply chain partners and delivering for our customers during this unprecedented challenge. The role technology plays in the world is more essential now than it has ever been, and our opportunity to enrich lives and enable our customers’ success has never been more vital. Guided by our cultural values, competitive advantages and financial strength, I am confident we will emerge from this situation an even stronger company.”
Intel also includes its outlook for Q2 2020 in the current earnings report. It expects adjusted EPS of roughly $1.10 on revenue of $18.5 billion. For comparison, Wall Street is estimating adjusted EPS of $1.19 on revenue of $17.97 billion.
INTC stock was down 5.2% after-hours Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.