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by SignalFactory   ·  April 24, 2020 | 07:09:57 UTC  


by SignalFactory   ·  April 24, 2020 | 07:09:57 UTC  

Intel Corp. revealed on Thursday afternoon that earnings and revenue spiked well above expectations in the first quarter but predicted that profit would come in lower than projections in the second quarter, sending shares down in after-hours trading.

Intel INTC, -1.76% reported first-quarter net income of $5.66 billion, or $1.31 a share, compared with $3.97 billion, or 87 cents a share, in the year-ago period. Adjusted earnings were $1.45 a share, compared with 89 cents a share in the year-ago period.

Revenue jumped roughly 23% to $19.8 billion from $16.06 billion in the year-ago quarter; Intel’s quarterly revenue topped $20 billion for the first time in the fourth quarter. Analysts surveyed by FactSet had projected earnings of $1.28 a share on revenue of $18.67 billion on average.

Intel has suspended stock repurchases and issued $8 billion in debt since COVID-19 began to sweep across the globe but had not rescinded financial guidance like many other large companies until saying Thursday that it would no longer issue annual guidance. Analysts have suggested that the company stands to benefit in the short term from the pandemic, as the need for laptops and cloud-computing power to support workers moving home from the office is thought to have spurred sales of its core PC and server chips.

In Thursday’s report, Intel provided second-quarter guidance for adjusted earnings of $1.10 a share on sales of about $18.5 billion. Analysts on average were expecting lower sales but higher profit, according to FactSet, which reports expectations of adjusted earnings of $1.20 a share on sales of $17.79 billion.

Intel shares sank more than 5% in after-hours trading and took other chip stocks along with it: Advanced Micro Devices Inc. AMD, -0.03%, Microchip Technology Inc. MCHP, -0.29% and Applied Materials Inc. AMAT, -2.32% all sank more than 2% in the extended trading session among semiconductor companies included in the S&P 500 index SPX, -0.05%. Intel stock declined 1.8% in the regular session, mostly from a late drop after Bloomberg News reported that Apple Inc. AAPL, -0.38% is prepping its own semiconductors for Mac computers.

Intel SHORT (Sell)

ENTER AT: 58.53

T.P_1: 55.88

T.P_2: 52.78

S.L: 60.69

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