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Intel, Shoddy But Less Gloomy (INTC)

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By Douglas A. McIntyre Updated Published
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Intel Corporation (NASDAQ: INTC) has reported its earnings.  This is far from pretty, but not nearly as bad as many were braced for a few weeks ago.  The chip and processor giant posted $0.11 non-GAAP EPS ( a drop of over 50%) and $7.14 billion in revenues (a drop of 26%).  First Call had estimates at $0.02 EPS and $6.98 billion in revenues.  The company also posted gross margins 45.6% rather than estimates of 43% in the mid-range for gross margins.

An interesting data point was that the company had in recent weeks issued an internal memo that warned lightly about the possibility of its first loss in years.  But there were also some whisper numbers yesterday that Intel’s earnings were going to not be as bad as the street was expecting.  We heard a number of $0.05 EPS or better.

The company sees flattish revenue for the coming quarter, but the company is only giving margin guidance of being in the mid-40’s percentages.  The company is also cutting cap-ex.

CEO Paul Otellini said something here which will offer some support for processors, DRAM, software and PC’s: “We believe PC sales bottomed out during the first quarter and that the industry is returning to normal seasonal patterns…”

Shares closed unofficially up 0.2% at $16.01 in regular trading today, and the initial reaction has shares down over 3% at $15.42 after the close.  Its 52-week trading range is $12.05 to $25.29.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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