The chipmaker’s guidance for the first quarter of 2024 fell short of analyst expectations, even if the most recent quarter’s earnings above Wall Street projections, and as a result, Intel shares declined during extended trading on Thursday.
In comparison to LSEG (previously Refinitiv) consensus estimates, Intel performed as follows for the December-ended quarter:
Profits per share: adjusted at 54 cents compared to 45 cents anticipated
Sales: $15.4 billion compared to the anticipated $15.15 billion
Intel anticipates 13 cents in earnings per share on between $12.2 billion and $13.2 billion in sales for the first quarter of fiscal 2024, compared to LSEG’s forecasts of 33 cents per share on $14.15 billion in revenue.
While the company’s core businesses, PC and server chips, would be at the lower end of the seasonal range in the current quarter, overall sales would suffer due to weakness in subsidiaries like Mobileye and its programmable chip unit, as well as revenue declines from other businesses the company has spun off or sold, according to Intel CEO Pat Gelsinger in a call with analysts.
Source (CNBC)
