Intel Corp. (NASDAQ: INTC) released its most recent earnings report after markets closed on Thursday. The chip manufacturing giant had $0.66 in earnings per share (EPS) and $14.8 billion in revenue, compared to Thomson Reuters consensus estimates which called for $0.65 in EPS and $14.81 billion in revenue. Last year’s first quarter had $0.54 in EPS and $13.8 billion in revenue.

In terms of the outlook for the second quarter, Intel expects to see revenues around $14.4 billion, give or take $500 million, and EPS in the range of $0.63 to $0.73. The consensus estimates for the coming quarter are calling for $0.64 in EPS and $14.34 billion in revenue.

The company reported its business segment revenues as:

• Client Computing Group revenue increased 6% to $8.0 billion.
• Data Center Group revenue was up 6% to $4.2 billion.
• Internet of Things Group revenue jumped 11% to $721 million.
• Non-Volatile Memory Solutions Group revenue increased 55% to $866 million.
• Intel Security Group revenue of $534 million, down 1%.
• Programmable Solutions Group revenue was up 18% to $425 million.

During the first quarter, Intel also generated about $3.9 billion in cash from operations, paid dividends of $1.2 billion, and used $1.2 billion to repurchase 35 million shares of stock. The board of directors also has approved a $10 billion increase to Intel’s share buyback program, which brings the amount currently available for future buybacks to approximately $15 billion.

Brian Krzanich, Intel’s CEO, commented:

The first quarter was another record quarter, coming off a record 2016. We continued to grow our company, shipped our disruptive new Optane memory technology, and positioned Intel to lead in new areas like artificial intelligence and autonomous driving. The ASP strength we saw across nearly every segment of the business demonstrates continued demand for high-performance computing, which will only increase with the explosion of data.

Shares of Intel closed Thursday up 1.4% at $37.43. The stock has a 52-week trading range of $29.50 to $38.45 and a consensus analyst price target of $39.97. After earnings were released the stock was initially down 3.5% at $36.13 in the after-hours session.

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