From CNET: Intel kicked off the latest tech earnings season Tuesday, reporting first-quarter results mostly in line with lowered expectations, following the chipmaker's updated estimates last month.
The company reported a net income of approximately $2 billion, or 42 cents per share, a 3 percent rise compared to the same period last year. Non-GAAP earnings were 41 cents per share on a revenue of $12.8 billion, flat year over year. Wall Street was looking for earnings of 41 cents per share with revenue of at least $12.9 billion.
Headlining the report, Intel attributed the results to the slowdown of the PC business, which was offset by "growth in data center, Internet of Things (IoT) and non-volatile memory businesses."
Intel CFO Stacy Smith stressed these results were in line with the updated estimates Intel provided in March, but he admitted they are below the projections originally offered last quarter.
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