IntelAfter the chipmaker gave a lower forecast than anticipated for the fiscal second quarter, shares dropped as much as 6% on Thursday in extended trading

This is how it worked:

• Earnings:According to Refinitiv, the adjusted share price is 87 cents, as opposed to the expected 81 cents by analysts.
• Revenue:According to Refinitiv, $18.35 Billion is higher than the $18.31 billion analysts expected,

According to a report, Intel’s quarterly revenue fell by 7% over the previous year. statement.

Intel’s Client computing group (which includes chips for PCs) generated $9.29 billion revenue. That is 13% lower than the $9.42 million consensus estimate by analysts Refinitiv surveyed. Gartner, a research firm, had predicted that PC shipments would reach $9.29 billion. fell 6.8%During the quarter and on Tuesday MicrosoftIt saw strength in the business PCMarket, increasing Windows licensing sales by device manufacturers

The quarter Intel saidThe 2024 release of a new server chip, code-named Granite Rapids, will be instead 2023. Company saidIt would purchase a foundry company Tower SemiconductorPlans for new chip factories have been announced GermanyAnd Ohio. Former MicronDavid Zinsner, chief of finance became Intel’s finance chiefGeorge Davis had held this position for three consecutive years.

Intel expects adjusted second-quarter earnings per share of 70cs with $18.0 billion revenue. Refinitiv analysts polled expected to earn 83cs on adjusted earnings per share for $18.38 million in revenue.

Intel shares have fallen about 9% since the start of 2021, while the S&P 500 is down about 10% over the same period.

Analysts and executives will be discussing the results on a conference phone call that begins at 5 pm ET. ET.

This is the latest news. Stay tuned for new updates.

WATCH: ‘We’re expecting Intel to guide below the street for Q2,’ says Citi’s Danely