The Santa Clara, Calif.-based company reported first quarter earnings of $1.45 per share, a 63% year over year increase, on revenue of $19.8 billion, a 23% year over year increase. Analysts were expecting the company to report earnings of $1.28 cents per share on revenue of $18.7 billion.
For the second quarter, though, the company said it expects revenue of $18.5 billion on earnings of $1.10 per share. Analysts were expecting revenue of $17.97 billion on earnings of $1.19 per share.
Intel shares were falling 5.7% after hours to $55.67 after chipmaker fell 1.76% in regular trading on Thursday.
“Our first-quarter performance is a testament to our team's focus on safeguarding employees, supporting our supply chain partners and delivering for our customers during this unprecedented challenge,” said CEO Bob Swan in a press release. Intel had been expected to see wide demand for its products as millions of employees around the world worked from home.
The company reported a 34% year-over-year increase in data-centric revenue while PC-centric revenue grew 14% year over year.
Intel said that it generated $6.2 billion cash from operations and another $2.9 billion of free cash flow.
Earlier this month, Intel announced a quarterly dividend of 33 cents per share payable June 1 to shareholders of value on May 7.
In April, Intel was upgraded to market perform from underperform by analysts at Raymond James.
"Our upgrade is primarily based on our view that the company is exposed to the right end markets for this pandemic -- namely, notebooks and data center," said analyst Chris Caso.