Intel Corp (NASDAQ:INTC, XETRA:INL) stock dropped more than 6% after Thursday’s closing bell as the technology firm’s first quarter guidance fell short of Wall Street estimates.
For Q1, Intel guided revenue in the range of $11.7 billion to $12.7 billion, at the midpoint below the consensus $12.63 billion.
It also guided breakeven earnings per share (EPS), below the $0.06 expected.
This overshadowed better-than-expected fourth quarter results, with revenue of $13.7 billion ahead of estimates of $13.37 billion. This marked a 4% year-over-year decrease, with Intel noting that year-over-year comparisons have not been adjusted for the deconsolidation of Altera in Q3.
EPS was $0.15, also beating estimates of $0.08.
For the full-year, revenue was $52.9 billion, down from $53.1 billion for the previous year, and EPS was $0.42, an improvement from a loss per share of $0.13.
"We exceeded Q4 expectations across revenue, gross margin, and EPS even as we navigated industry-wide supply shortages,” Intel finance chief David Zinsner said. He noted that the company expects its available supply to be at its lowest level in Q1 before improving in Q2.
Lip-Bu Tan, Intel CEO, added: “We delivered a solid finish to the year and made progress on our journey to build a new Intel.”