Intel’s first quarter report
Intel was also expected on Tuesday to shed light on the company’s goal to ramp up profitability for its mobile strategy by $800 million in 2015.
Intel kicked off the latest tech earnings season with first quarter financial results published after the bell on Tuesday.Intel’s latest results should provide some clues to the health of the PC market. Lately the signs haven’t been good. But at the Intel Developer Forum in Shenzhen, Intel insisted there’s still plenty of life left in the PC.
The processor maker reported a net income of approximately $2 billion, or 42 cents per share (statement).Non-GAAP earnings were 41 cents per share on a revenue of $12.8 billion, flat year-over-year.Wall Street was looking for earnings of 41 cents per share with revenue of at least $12.9 billion.
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Headlining the Q1 report, Intel attributed the results to the slowdown of the PC business, which was fortunately offset by “growth in data center, Internet of Things (IoT) and non-volatile memory businesses.”Intel CFO Stacy Smith stressed these results were actually in line with the updated estimates Intel provided in March, but he admitted they are below the projections originally offered last quarter.