SANTA CLARA, Calif. (TheStreet) -- Intel (INTC) comfortably beat Wall Street's earnings estimate with its second-quarter results Tuesday, but lowered its full-year guidance to reflect a challenging macroeconomic environment.
Excluding items, Intel earned 57 cents a share, the same as the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for earnings of 52 cents a share.
The no.1 chip maker brought in revenue of $13.5 billion, up slightly from $13.03 billion in the prior year's quarter and just below Wall Street's forecast of $13.56 billion.
Intel shares rose 0.2% to $25.43 in extended trading."The second quarter was highlighted by solid execution with continued strength in the data center and multiple product introductions in Ultrabooks and smartphones," said Intel CEO Paul Otellini, in a statement released after market close. The CEO, however, predicted slowing growth. "As we enter the third quarter, our growth will be slower than we anticipated due to a more challenging macroeconomic environment," he explained. "With a rich mix of Ultrabook and Intel-based tablet and phone introductions in the second half, combined with the long-term investments we're making in our product and manufacturing areas, we are well positioned for this year and beyond." Intel lowered its guidance for fiscal 2012, predicting year-over-year revenue growth between 3% and 5%, down from the prior expectation of high single-digit growth. For the third quarter, Intel forecast revenue of $14.3 billion, plus or minus $500 million. Analysts surveyed by Thomson Reuters are currently looking for sales of $14.6 billion. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV