Shares of Intel (NASDAQ:INTC) jumped in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $0.13, which beat analysts’ consensus estimate of -$0.04 per share. However, sales decreased by 15.7% year-over-year, with revenue hitting $12.9 billion. Nevertheless, this beat analysts’ expectations by $760 million.
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Looking forward, management now expects revenue and adjusted earnings per share for Q3 2023 to be $12.9 billion to $13.9 and $0.20, respectively. For reference, analysts were expecting $13.28 billion in revenue along with an adjusted EPS of $0.17.
Overall, Wall Street has a consensus price target of $32.17 on INTC stock, implying almost 7% downside risk, as indicated by the graphic above.