Intel stock jumps 7% on 'quite' strong results and guidance
Investing.com | Author Davit Kirakosyan
Published Jul 28, 2023 06:14AM ET
Intel stock jumps 6% on Q2 beat & strong guidance
Intel (NASDAQ:INTC) stock surged more than 7% in pre-market Friday after the company reported Q2 results and offered a more positive-than-expected outlook for this quarter.
EPS came in at $0.13, better than the consensus estimate that was looking for a loss per share of $0.04. Revenue fell 15% year-over-year to $12.9 billion, but still beating the consensus estimate of $12.09B.
Client Computing (CCG) was down 12% year-over-year to $6.8B, Data Center and AI (DCAI) was down 15% to $4.0B, Network and Edge (NEX) was down 38% to $1.4B, Mobileye was down 1% to $454 million, while Intel Foundry Services (IFS) was up 307% to $232M.
“Our Q2 results exceeded the high end of our guidance as we continue to execute on our strategic priorities, including building momentum with our foundry business and delivering on our product and process roadmaps,” said CEO Pat Gelsinger.
For Q3/23, the company expects revenue in the range of $12.9-13.9B, compared to the consensus estimate of $13.23B. The adjusted EPS is seen at $0.20, again better than the analyst expectations for earnings of $0.13 per share.
Bernstein analysts lifted the price target on INTC stock by $2 to $34 per share reflecting "quite strong" results.
"We admit to warming (very slightly) to it, but there is more than enough here to keep us sidelined for now," they commented on the INTC stock.
Barclays analysts also raised the price target by $2, although they also remain quite cautious on the stock.
"[Intel] beat low hurdle on a quicker PC recovery but see little catalyst for growth and a hard transition roadmap to navigate."
Additional reporting by Senad Karaahmetovic
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.