Intel Corporation (NASDAQ: INTC) Thursday reported better-than-expected earnings and revenues for the first quarter of 2022. The semiconductor giant also provided financial guidance for the second quarter.
First-quarter revenues decreased 7% annually to $18.4 billion. However, the top line exceeded the consensus estimates.
Adjusted earnings declined to $0.87 per share in the latest quarter from $1.34 per share in the first quarter of 2021 but beat the estimates. The reported net income was $8.1 billion or $1.98 per share, compared to $3.4 billion or $0.82 per share last year.
Check this space to read management/analysts’ comments on Intel’s Q1 results
“With a $1 trillion market opportunity ahead of us, we remain laser-focused on our IDM 2.0 strategy. We executed well against that strategy in Q1, delivering key product and technology milestones and announcing plans to expand our manufacturing capacity in both the US and Europe to meet the continued demand for semiconductors and drive a more balanced, resilient global supply chain,” said Intel’s CEO Pat Gelsinger.