Intel (NASDAQ:INTC) shares fell more than 2% after-hours despite the company reporting Q1 results, with EPS of ($0.04), coming in better than the consensus estimate of ($0.16).
Revenue fell 36% year-over-year to $11.7 billion ($0.7B above the January outlook mid-point), beating the consensus estimate of $11.04B.
Gross margin was 38.4%, down 14.7 ppts year-over-year, and 0.6 ppt below the company’s January outlook.
“While we remain cautious on the macroeconomic outlook, we are focused on what we can control as we deliver on IDM 2.0: driving consistent execution across process and product roadmaps and advancing our foundry business to best position us to capitalize on the 1 trillion market opportunity ahead,” said CEO Pat Gelsinger.
The company expects Q2/23 EPS of ($0.04), better than the consensus of $0.01. Revenue is expected to be in the range of $11.5-12.5B, compared to the consensus of $11.75B.