Intel beats but offers disappointing guidance
Summary
Intel shares fell 4% in extended trading on Thursday after the chipmaker issued a lower-than-expected forecast for its fiscal second quarter. "We expect the industry will continue to see challenges until at least 2024 in areas like capacity and tool availability," Intel CEO Pat Gelsinger told analysts on a conference call. Sales of Intel chips for desktop PCs and notebooks declined, with softer demand among consumers and in education and Apple shifting to its own PC processors. Intel revamped its reporting structure in the quarter and revealed a segment called Datacenter and AI, which includes chips, certain accelerators, memory and field-programmable gate arrays. Covid lockdowns in China are ratcheting up supply fears, and inflation could reduce the PC market in the full year, Zinsner said.
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