Intel (INTC) Beats On Q1 Earnings & Revenues Top, View Tepid
Zacks Investment Research | Apr 25, 2019 10:49PM ET
Intel (NASDAQ:INTC) delivered first-quarter 2019 non-GAAP earnings of 89 cents per share, which beat the Zacks Consensus Estimate by a couple of cents. The figure rose 2.3% from the year-ago quarter but declined 30.5% sequentially.
Year-over-year earnings growth can be attributed to improvement in revenues, higher IoT ASPs (average selling price), lower share count due to aggressive share repurchase, and McAfee dividend.
Revenues totaled $16.061billion, beating the Zacks Consensus Estimate of $16.01 billion.However, revenues were marginally below the year ago reported figure of $16.066 billion and declined 13.9% on a quarter-over-quarter basis.
Weakness in demand from China, softness in NAND flash pricing trends, expenses pertaining to 10-nanometer (nm) ramp and constrained supply negatively impacted top-line performance. Further, sluggish data center demand from enterprise and government end markets led to decline.
Price Performance
Management trimmed outlook anticipating the challenges to business through 2019. Following a bleak guidance, shares are down 7.4% in pre-market.
Notably, Intel’s stock has returned 15% year to date, compared with theZacks Investment Research
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