Chipmaker Intel Corp forecast second-quarter revenue above Wall Street estimates on Thursday, a sign that chip demand was recovering after a downturn wrought by excess supply and a post-pandemic slump in the personal computer market.Shares of the company rose 2 per cent in extended trading, having gained
Chipmaker Intel Corp forecast second-quarter revenue above Wall Street estimates on Thursday, a sign that chip demand was recovering after a downturn wrought by excess supply and a post-pandemic slump in the personal computer market.
Shares of the company rose 2 per cent in extended trading, having gained more than 10 per cent so far this year following a tough 2022. A fall of about 30 per cent in first-quarter global PC shipments has made some chip industry experts hopeful that a build-up of inventory has cleared out, paving the way for fresh orders.
Intel has also ramped up shipping of its most powerful data center chip Sapphire Rapids, which was delayed for over a year. The company forecast second-quarter adjusted revenue in the range of about $11.5 billion and $12.5 billion. Analysts polled by Refinitiv were expecting revenue of $11.75 billion.Source: Reuters
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