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Intel (INTC) Beats On Q1 Earnings, Stock Slips on 12K Jobs Cut

Intel Corporation (INTC) just released its first quarter fiscal 2016 earnings results, posting earnings of 54 cents per share and revenue of $13.8 billion.

Currently, INTC has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. Here are 5 key statistics from this just announced report below.

Intel:                                                        

1. Beat earnings estimates. The company posted earnings of 54 cents per share (excluding 12 cents from non-recurring items), beating our Zacks Consensus Estimate of $0.49 per share.

2. Missed revenue estimates. The company saw revenue figures of $13.8 billion, falling just short of our estimate of $14 billion.

3. Intel also announced a restructuring plan. The actions associated with the restructuring plan are expected to be fully completed by the second quarter of 2017. The restructuring plan is estimated to result in annualized pre-tax cost savings of approximately $1.4 billion.

4. The restructuring plan includes a cut of 12,000 jobs, representing about 11% of Intel’s entire workforce.

5. INTC was briefly halted following the news of the cuts. Trading is back open, and the stock was down nearly 3% as of 4:23 PM EST.

Here’s a graph that looks at Intel’s recent earnings history:

 

 

Intel Corporation is one of the world's largest semiconductor chip maker. The Company develops advanced integrated digital technology products, primarily integrated circuits, for industries such as computing and communications.

Check back later for our full analysis onIntel’s latest quarterly report!

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INTEL CORP (INTC): Free Stock Analysis Report
 
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