Shares of Intel (NASDAQ:INTC) slipped in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at -$0.04, which beat analysts’ consensus estimate of -$0.16 per share. Sales decreased by 36.4% year-over-year, with revenue hitting $11.7 billion. This beat analysts’ expectations of $11.13 billion.
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Management offered projections for the second quarter of 2023. Intel expects revenue to come in between $11.5 billion and $12.5 billion, in line with analyst expectations of $11.77 billion. Earnings per share are expected to come in at -$0.04, which falters against projections of $0.02.
Overall, Wall Street has a consensus price target of $29.20 on Intel, implying 1.82% downside risk, as indicated by the graphic above.
