Intel Beats on Top Line, Misses Revenue Estimates; Guidance Disappointing

Leading global semiconductor company Intel

released its second-quarter earnings results after the closing bell on Tuesday. The company reported non-GAAP net income of $2.97 billion or $0.57 per share, down from $3.13 billion or $0.57 per share in the year ago period. This came in ahead of Wall Street analysts' consensus EPS estimates of $0.52. Net revenue in the quarter was $13.50 billion versus $13.03 billion in last year's second-quarter. This missed Wall Street analysts consensus revenue estimates of $13.56 billion. Looking ahead to the third-quarter, the company sees revenues of $14.3 billion, plus or minus $500 million. This is light of analysts' consensus revenue estimates of $14.60 billion for the third quarter. Intel said that it expects revenues to be up 3 percent to 5 percent year over year, compared to previous expectations for high single-digit growth. In the after hours trading session, INTC shares have gained 0.20% to $25.44 after initially falling on the news.