Intel Q1 Profit Trumps Street, Outlook Weak; Shares Down 6%

(RTTNews) - Intel Corp. (INTC) Thursday reported a profit and revenues for the first quarter that trumped Wall Street estimates. However, the company's shares slipped about 6% in extended session after the chipmaker forecast a profit for the second quarter that would come in lower than currently projections.

Santa Clara, California-based Intel reported first-quarter profit of $5.7 billion or $1.31 per share, up from $4.0 billion or $0.87 per share last year.

Adjusted earnings for the quarter were $1.45 per share, up from $0.89 per share last year. On average, 33 analysts polled by Thomson Reuters estimated earnings of $1.28 per share for the quarter.

Intel's revenues for the quarter were up 23% to $19.8 billion from last year's revenue of $16.1 billion. Analysts had a consensus revenue estimate of $18.7 billion for the quarter.

Looking forward to the second quarter, Intel expects revenues of about $18.5 billion and adjusted earnings of around $1.10 per share. Analysts currently estimate earnings of $1.19 per share and revenues of $17.97 billion.

INTC closed Thursday's trading at $59.04, up $1.06 or 1.76%, on the Nasdaq. The stock further dropped $3.47 or 5.88% in the after-hours trade.