Intel Corp. forecast a 2022 outlook above Wall Street estimates Thursday, after the chip maker provided its promised outlook for the year at an investor meeting.
Intel INTC, -1.37% shares, which were up less than 1% after hours as Intel Chief Executive Pat Gelsinger began his keynote, fluctuated between slight gains and losses after the outlook was revealed. Shares finished down 1.4% at $47.57 in Thursday’s regular session.
For the year, analysts had been estimating earnings of $3.42 a share on revenue of $74.99 billion heading into Thursday’s event. When Intel reported earnings in late January, Zinsner, formerly CFO of Micron Technology Inc. MU, -2.43%, had promised investors a full-year outlook when the company held its February investor meeting. When the company only provided a first-quarter outlook, shares fell to their lowest price in more than a year.
In January, Intel executives forecast gross margins of 52% for the first quarter, which is expected to translate into adjusted earnings of 80 cents a share, though that was before Intel announced it would buy Israel-based chip maker Tower Semiconductor Ltd. TSEM, -0.78% and its fabs for $5.4 billion. Analysts on average had expected adjusted first-quarter earnings of 86 cents a share on revenue of $17.61 billion, while Intel forecast revenue of about $18.3 billion.
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