Intel reported higher EPS and revenue than analysts had expected, though shares dropped on the earnings report in post-market trading.
Intel stock fell more than 7% after reporting first-quarter earnings after the close of trading on Thursday.The company reported weak guidance compared to analyst estimates for the full year 2019. Intel said it expects full year revenue of $69.0 billion compared to estimates of $71.05 billion. That would fall short of the company's 2018 revenue, when the company recorded sales of $70.8 billion.
Intel said last week that it's exiting the 5G smartphone market after determining there was"no clear path to profitability," further ceding the mobile phone chip business to Qualcomm. The group's enterprise and government revenue saw the steepest decline for the quarter at 21%. The communications service provider segment declined 4%, while Intel's cloud segment grew 5%.
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