(Reuters) – Intel Inc forecast first-quarter 2022 profit below analysts’ expectations, sending shares in the world’s biggest chipmaker down 3% in after-market trading on Wednesday.
Intel forecast earnings per share of 80 cents, compared to an average market expectation of 86 cents, according to Refinitiv data.
The company also said it expects first-quarter revenue to be above Wall Street’s expectations, betting on its ability to meet strong demand from the PC, data center and artificial intelligence markets, even amid a global semiconductor supply crisis.
The company forecast first-quarter revenue of about $18.3 billion, versus an average analyst estimate of $17.62 billion, according to Refinitiv data.
The forecast overshadowed the quarterly results, which exceeded expectations. Adjusted revenue reached $19.5 billion, above expectations of $18.3 billion and adjusted earnings per share were $1.09, above expectations of $0.91.
(By Chavi Mehta and Jane Lanhee Lee)
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