Intel expects revenue of $11.2 billion to $12.4 billion for the June quarter, compared with analysts' average estimate of $12.82 billion, according to data compiled by LSEG.
Intel (INTC) issued a quarterly outlook that fell short of analysts' expectations, sending shares lower in extended trading Thursday.
The chip maker didn't say how many jobs it would cut or detail the charges it expects to incur as a result of the restructuring. Shares fell in after-hours trading.
Intel Corp (NASDAQ:INTC, ETR:INL) shares fell 6.4% in extended trading on Thursday after the chipmaker issued a weaker-than-expected revenue forecast for the second quarter, offsetting a slight beat on first-quarter revenue. The company reported first-quarter revenue of $12.67 billion, narrowly topping Wall Street estimates of $12.31 billion.
Intel reported first-quarter earnings that beat on the top and bottom line. But the company issued disappointing guidance.
Intel forecast second-quarter revenue below Wall Street estimates on Thursday, casting a shadow over new CEO Lip-Bu Tan's first round of earnings at the helm, against the backdrop of a raging Sino-U.S. trade war.
Intel (INTC) is slated to report first-quarter results after the market closes Thursday, marking the chipmaker's first report since Lip-Bu Tan was named CEO in mid-March.
The consensus is that Intel will report revenue of $12.3 billion with adjusted earnings per share of one cent for the March quarter.
QCOM and INTC are both dominant players in the semiconductor space and are taking several initiatives to take advantage of the evolving market trends and AI proliferation across sectors.
Intel has a reasonable chance of beating earnings estimates when it reports first-quarter results.
Intel (INTC 5.95%) stock is roaring higher in Wednesday trading thanks to a combination of bullish catalysts. The company's share price was up 5.4% as of 12:30 p.m.
Intel Corp (NASDAQ:INTC) is up 5.6% in pre-market trading, after reports surfaced that the chipmaker is preparing to cut more than 20% of its staff.