Intel shares fall after providing weak forecast for the current quarter

Intel reported first-quarter earnings on Thursday that beat Wall Street expectations for earnings per share, but came up light in sales.reported first-quarter earnings on Thursday that beat Wall Street expectations for earnings per share, but came up light in sales. Intel gave a weak forecast for the current quarter.

In the first quarter, Intel reported a net loss of $400 million, or 9 cents per share, versus a net loss of $2.8 billion, or 66 cents per share,Intel's report was the first since the company revealed that it had restructured its financial reports to make its chip manufacturing business, called Intel Foundry, a separate line item with its own costs and sales.

Intel's Foundry business reported $4.4 billion in revenue during the quarter, which was down 10% year-over-year, the company said. The unit reported a $2.5 billion operating loss during the March quarter. Intel said last month that it had reported a $7 billion operating loss in its foundry Intel's biggest business remains the chips it makes for PCs and laptops, which is reported as Client Computing sales. Those chip sales totalled $7.5 billion, up 31% on an annual basis.

Intel also makes central processors for servers, as well as other parts and software, which are reported in its Data Center and AI business. That line saw sales rise 5% to $3 billion, even as Intel continues to fight for server dollars against AI chips made by companies like Nvidia., intended to compete against Nvidia's popular GPUs, although it won't ship until later this year. Intel said it expected more than $500 million in sales from its Gaudi 3 chips in the second half of the year.

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