Intel Corporation (NASDAQ: INTC) Thursday reported lower revenues and earnings for the first quarter of 2021. However, the numbers came in above estimates.
Revenues dropped 1% annually to $19.7 billion in the March quarter as COVID-related uncertainties continued to weigh on demand. However, the number exceeded the consensus forecast.
Adjusted earnings decreased to $1.39 per share from $1.41 per share in the first quarter of 2020, but beat the forecast. Net income was $3.4 billion or $0.82 per share, compared to $5.7 billion or $1.31 per share last year.
Intel’s stock dropped Thursday evening following the earnings release, after closing the regular session lower. The stock has gained 26% so far this year.
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