Intel posted strong first quarter results, but its weak outlook sent its shares sliding late Thursday.
CEO Bob Swan also reaffirmed the company's long term strategy telling analysts in an earnings call: " But the tech giant posted a weak outlook that sent its shares sliding late Thursday. CEO Bob Swan pointed to a blurry road ahead as the world reeled from the coronavirus crisis, but he affirmed Intel's long term strategy focused on huge opportunities in the data center market.
Intel reported a first quarter profit of $5.7 billion or $1.31 a share, compared with a profit of $4 billion, or 87 cents a share for the year-ago quarter. Revenue rose 23% to $19.8 billion. Adjusted profit was $1.45 a share.Intel said it expects earnings of $1.10 a share on revenue of $18.5 billion in the current quarter. Analysts were expecting a profit of $1.19 a share on revenue of $18 billion.
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