Intel Corporation (Nasdaq: INTC) reported first-quarter adjusted earnings per share of $1.45 Thursday, beating the Street estimate of $1.28, and sales of $19.8 billion that outpaced an $18.7-billion estimate.
Data-centric revenue grew 34% year-over-year in the first quarter, and PC-centric revenue grew 14% year-over-year, Intel said.
The data center group's revenue rose 43% year-over-year, with 53% year-over-year growth in cloud service provider revenue.
The chipmaker guided to second-quarter adjusted EPS of $1.10 against a $1.19 estimate and sales of $18.5 billion against an $18.7-billion estimate.
Intel said it is not providing full-year guidance given "significant economic uncertainty."
Intel suspended share buybacks March 24. Its dividend is unchanged. The company said in Thursday's report that it expects to reinstate share buybacks as circumstances warrant.
“Our first-quarter performance is a testament to our team's focus on safeguarding employees, supporting our supply chain partners and delivering for our customers during this unprecedented challenge,” CEO Bob Swan said in a statement.
“The role technology plays in the world is more essential now than it has ever been, and our opportunity to enrich lives and enable our customers' success has never been more vital. Guided by our cultural values, competitive advantages and financial strength, I am confident we will emerge from this situation an even stronger company."
Intel shares fell 1.76% to $59.04 in Thursday's regular session and were down 5.27% at $55.93 in the after-hours session.
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