Intel Earnings: INTC Stock Falls 7% Even After Beating Q2 Estimates

Intel (NASDAQ:INTC) earnings for the tech company’s second quarter of 2020 have INTC stock on the move after markets closed on Thursday. That comes after reporting adjusted earnings per share of $1.23 on revenue of $19.7 billion. For comparison, Wall Street was expecting the company to report adjusted EPS of $1.11 and revenue of $18.55 billion.

Close up of Intel sign at their San Jose campus in Silicon Valley
Source: Sundry Photography / Shutterstock.com

Here’s what else is worth talking about from the most recent Intel earnings report.

  • Adjusted per-share earnings are up 16% from $1.06 in the same period of the year prior.
  • Revenue for the quarter comes in 20% higher than the $16.5 billion from the second quarter of 2019.
  • Operating income of $5.7 billion is a 23% increase year-over-year from $4.6 billion.
  • The Intel earnings report also includes a net income of $5.1 billion.
  • That’s a 22% jump from the company’s net income of $4.2 billion reported during the same time last year.

Bob Swan, CEO of Intel, said this in the earnings report.

“It was an excellent quarter, well above our expectations on the continued strong demand for computing performance to support cloud-delivered services, a work- and learn-at-home environment, and the build-out of 5G networks. In our increasingly digital world, Intel technology is essential to nearly every industry on this planet. We have an incredible opportunity to enrich lives and grow this company with a continued focus on innovation and execution.”

Intel also provides an outlook for the full year of 2020 in its earnings report. That includes an adjusted EPS of $4.85 on revenue of $75 billion. That’s looking good next to Wall Street’s estimates of $4.81 per share and revenue of $73.86 billion.

INTC stock was down 6.8% after-hours Thursday and closed out normal trading hours down 1%.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/07/intel-earnings-hammer-intc-stock/.

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