Intel Corp. (NASDAQ: INTC) reported first-quarter financial results after markets closed Thursday. The firm said that it had $1.45 in earnings per share (EPS) and $19.8 billion in revenue, compared with consensus estimates that called for $1.28 in EPS and $18.7 billion in revenue. The same period from last year had $0.89 in EPS and $16.06 billion in revenue.
For the quarter, Data Center Group revenue grew 34% year over year, driven by broad strength including 53% year-over-year growth in cloud service provider revenue.
Internet of Things Group revenue was down 3% to $883 million and Mobileye revenue increased 22% year over year to $254 million.
Intel’s memory business was up 46% to $1.3 billion. PSG’s first-quarter revenue was up 7% to $519 million.
The PC-centric business was up 14% on improved CPU supply and demand strength as consumers and businesses are relying on PCs for working and learning from home.
Looking ahead to the second quarter, the company expects to see EPS of $1.10 and revenue of $18.5 billion. Consensus estimates are calling for $1.19 in EPS and $17.97 billion in revenue for the coming quarter.
Bob Swan, Intel’s CEO, commented:
Our first-quarter performance is a testament to our team’s focus on safeguarding employees, supporting our supply chain partners and delivering for our customers during this unprecedented challenge. The role technology plays in the world is more essential now than it has ever been, and our opportunity to enrich lives and enable our customers’ success has never been more vital. Guided by our cultural values, competitive advantages and financial strength, I am confident we will emerge from this situation an even stronger company.
Shares of Intel closed Thursday at $59.04, with a 52-week range of $42.86 to $69.29. The consensus analyst price target is $63.38. Following the announcement, the stock traded down 5% at $55.89 in the after-hours session.
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