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Intel (INTC) posted first quarter earnings revealing better-than-expected profit but a lower-than-expected second quarter revenue forecast. While the market's immediate reaction sent shares lower, the chipmaker promises more for the future as one of the largest recipients of CHIPS Act grants to expand US chipmaking capacity.

Intel (NASDAQ:INTC, ETR:INL) shares plunged more than 9% on Friday after the company's second quarter outlook left “a lot to be desired” despite a modest earnings beat for the first quarter, Wedbush analysts believe. For Q2, Intel expects earnings per share of $0.10 on revenue of $13 billion, below estimates of $0.25 on $13.6 billion respectively.

Intel CEO Pat Gelsinger discusses the company's quarterly results, progress on the foundry business, demand for AI PCs, and where he sees strength in AI products going forward. -------- Like this video?

Chris Caso, Wolfe Research senior analyst, joins 'Squawk Box' to discuss Intel's quarterly earnings results, the company's weak guidance, semiconductor production outlook, and more.

Intel shares slumped more than 7% premarket on Friday after a downbeat second-quarter sales forecast signaled that the boom in AI technology was diverting enterprise spending away from its traditional data center and PC chips.

Intel Corp (NASDAQ:INTC, ETR:INL) sank 7.8% in pre-market trading after investors fled on worse-than-expected guidance for the upcoming quarter in a trading update on Thursday. Guidance for the ongoing second quarter of US$0.10 earnings per share on revenue of US$13 billion came in below Wall Street expectations for US$0.25 and $13.57 billion.

Intel stock dropped 9% after the company reported Q1 earnings. Is it a buy right now?

Intel Corp. gave a lackluster forecast for the current period, with sales and profit set to come in lower than analysts' estimates. Once the world's dominant chipmaker, the company is now lagging behind rivals such as Nvidia Corp. and Taiwan Semiconductor Manufacturing Co. Tom Giles reports on Bloomberg Television.

While the top- and bottom-line numbers for Intel (INTC) give a sense of how the business performed in the quarter ended March 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Intel (INTC) stock dropped more than 9% in after-hours trading despite topping revenue and earnings estimates for the first three months of the year after issuing weaker-than-anticipated revenue guidance for the second quarter.