TECH - Intel's Q4 Results And Q1 Guidance Show It Is Stumbling In The AI Race | Benzinga
With its latest quarterly results published on Friday, Intel Corporation (NASDAQ: INTC) showed it is stumbling in the AI race. Intel issued a weaker than expected outlook for the first quarter of 2024. The question on everyone’s minds is if Advanced Micro Devices Inc (NASDAQ: AMD) stock will follow its lead and tank after its earnings report. Given weaknesses in several of its key areas, AMD is also likely to provide some disappointing guidance for the undergoing quarter. After trading on Tuesday, heading into the report, AMD shares were 3% off. With its fourth quarter results, Intel showed its turnaround is going as planned, but with its first quarter guidance was a warning for the tech sector.
Solid Fourth Quarter Results
For the quarter ended in December, Intel reported revenue of $15.4 billion that topped LSEG’s estimate of $15.15 billion. Adjusted earnings per share of 54 cents, also topped 45 cents that LSEG expected. Intel made a net income of $2.7 billion, or 63 cents per share, improving from last year’s comparable ...