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Takeaways
- Intel will report its first-quarter earnings on Thursday, after the market closes.
- The report is the chipmaker's first under CEO Lip-Bu Tan, who took over in March.
- The analysts who follow Intel and are tracked by Visible Alpha have unanimously issued "hold" or equivalent ratings for the company's stock.
- Intel's revenue and adjusted net income are expected to have declined year-over-year.
Intel (INTC), the chipmaker, is scheduled to release its first-quarter results Thursday after the market closes. This will be the first report since Lip Bu Tan was appointed CEO in mid-March.
Wall Street is largely waiting to see how the company will perform under Tan’s leadership. Tan has been in charge of the company for less than a week. Visible Alpha has tracked 12 analysts who follow Intel and they have unanimously given the stock “hold” or similar ratings. Their consensus price target is just under $23, which would indicate a 10% increase from Wednesday’s close price.
Shares surged after Tan was appointed, but most of the gains were lost in the weeks following. The stock price jumped again this past week after a report said that Intel planned to lay off over 20% of its staff in Tan’s first major initiative for cost-cutting. Intel’s stock has risen over 6% in the past year.
Analysts expect Intel will report first-quarter revenues of $12.34 Billion, down 3% on a yearly basis, and adjusted earnings of $41.6 Million, or 1 Cent per Share, down from $759 MILLION, or 18 CENTS per Share, a full year earlier.
