Intel just reported its first quarter earnings, and it matched analyst estimates across the board.
Intel reported $US12.8 billion in revenue, just a slight miss from the $US12.9 billion expectation.
It reported $US0.41 earnings per share, matching analyst estimates of $US0.41 per share.
Intel’s Client Computing Group saw revenue of $US7.4 billion, down 8% from a year ago. This is a new unit created this quarter, after the company combined its PC and mobile units.
Last month, Intel cut its revenue forecasts by nearly $US1 billion, citing weak demand for PC chips and a “challenging” business environment, largely due to a stronger US dollar.
“Year-over-year revenues were flat, with double-digit revenue growth in the data center, IoT and memory businesses offsetting lower than expected demand for business desktop PCs,” Intel CEO Brian Krzanich said in a statement. “These results reinforce the importance of continuing to execute our growth strategy.”