Intel hits Q1 targets with revenue of $18.31B but falls short on Q2 estimates

Intel reported that its first-quarter revenues and profits were above expectations, as the chip giant beat Wall Street estimates. But its forecasts for future quarters put a damper on the results.

On a non-GAAP basis, Santa Clara, California-based Intel reported net income of 87 cents a share, down 35% from a year earlier and 7 cents above guidance in January. Non-GAAP revenue for the quarter was $18.4 billion, down 1% from a year ago and slightly above guidance in January.