(RTTNews) - Intel Corp. (INTC) Thursday reported a profit and revenues for the first quarter that trumped Wall Street estimates, driven by continued demand for PCs. Moving ahead, the company lifted its full-year outlook.
Santa Clara, California-based Intel reported first-quarter profit of $3.36 billion or $0.82 per share, down from $5.66 billion or $1.31 per share last year.
Adjusted earnings for the quarter were $1.39 per share, down from $1.41 per share last year. On average, 29 analysts polled by Thomson Reuters estimated earnings of $1.15 per share for the quarter.
Intel's revenues for the quarter were down 1% to $19.67 billion from last year's revenue of $19.83 billion. Analysts had a consensus revenue estimate of $17.86 billion for the quarter.
The company said its first-quarter revenues were ahead of its prior expectations driven by continued, strong PC demand. PC unit volumes were up 38 percent year-over-year.
"Intel delivered strong first-quarter results driven by exceptional demand for our leadership products and outstanding execution by our team. The response to our new IDM 2.0 strategy has been extraordinary, our product roadmap is gaining momentum, and we're rapidly progressing our plans with re-invigorated focus on innovation and execution," said Pat Gelsinger, Intel CEO.
Looking forward to the second quarter, Intel expects revenues of about $18.9 billion and adjusted earnings of around $1.05 per share. Analysts currently estimate earnings of $1.09 per share and revenues of $17.55 billion.
For the full year 2021, the company now expects revenues of $77.0 billion and adjusted earnings of $4.60 per share. Analysts currently estimate earnings of $4.58 per share on revenues of $72.19 billion.
Previously, the company expected revenues of $76.5 billion and adjusted earnings of $4.55 per share.
INTC closed Thursday's trading at $62.57, down $1.13 or 1.77%, on the Nasdaq. The stock further dropped $1.38 or 2.21% in the after-hours trading.
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