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To: Return to Sender who wrote (90095)	4/27/2023 6:14:07 PM
From: Return to Sender	3 Recommendations Recommended By Sam SGJ Sr K Respond to of 95640

MW Intel tops Wall Street estimates, but falls a little short on outlook 5:49 PM ET 4/27/23 \| MarketWatch By Wallace Witkowski Intel Corp. shares fluctuated between gains and losses in the extended session Thursday after the chip maker topped Wall Street estimates for the quarter, but its outlook was weak compared with analysts' estimates. A previous version of this article included an inaccurate number for Intel's second-quarter profit forecast. It has been updated. Intel (INTC) shares were last up 6% after hours, after dropping as much as 3% earlier, following a 2.8% gain in the regular session to close at $29.86. The company reported a first-quarter loss of $2.76 billion, or 66 cents a share, versus net income of $8.11 billion, or $1.98 a share, in the year-ago period. Intel was expected to report a loss of more than $3 billion, or 76 cents a share, according to FactSet, the largest quarterly loss on record for the company. In records dating back to 1993, Intel has never reported a GAAP loss of more than $687 million, according to Dow Jones Market Data. After adjusting for restructuring charges and other items, Intel reported a loss of 4 cents a share, versus net income of 87 cents a share from a year ago. Analysts had forecast a loss of 16 cents a share. Records dating back to 2009 do not show the chip maker ever posting an adjusted quarterly loss, according to Dow Jones Market Data. Adjusted gross margins came in at 38.4%, down from 53.1% a year ago. Last quarter, Chief Financial Officer David Zinsner said a "significant inventory burn" on PC inventory would hit gross margins by 400 basis points in the first quarter. Intel forecast gross margins of 39% for the first quarter. Revenue declined to $11.71 billion from $18.35 billion in the year-ago quarter, for an 11th straight quarter of year-over-year declines, while analysts surveyed by FactSet had forecast $11.03 billion. Client computing group, or PC, sales fell 38% to $5.8 billion, while analysts expected $4.95 billion. Data center AI group sales dropped 39% to $3.7 billion, while the Street had estimated revenue of $3.51 billion. Network and edge sales fell 30% to $1.5 billion, compared with the Street consensus of $1.66 billion. Foundry services revenue declined 24% to $118 million, while the Street estimated $272.9 million. Intel forecast a loss of 4 cents a share on revenue of about $11.5 billion to $12.5 billion and adjusted gross margins of about 33.2% for the current quarter. Analysts surveyed by FactSet had estimated an adjusted break-even quarter per share on revenue of $11.73 billion. Last quarter, Chief Executive Pat Gelsinger told analysts he would not provide a 2023 forecast. Analysts surveyed by FactSet expect full-year earnings of 53 cents a share on revenue of $50.55 billion. Late Tuesday, Texas Instruments Inc. (TXN) topped expectations for results, issued a cautious forecast, and provided some much-needed end market visibility to analysts looking for a bottom to the chip glut. After the bell Wednesday, KLA Corp. (KLAC) shares rose after the chip-making equipment provider pointed to stability in its end markets amid an initially disappointing outlook, following last week's earnings reports from Lam Research Corp. (LRCX) and ASML Holding NV (ASML.AE). Additionally, Wolfspeed Inc. (WOLF) shares fell after the silicon-carbide chip maker forecast weak sales for the fiscal fourth quarter and next year. -Wallace Witkowski