The stock was off 6.89% to $53.64 a share, after having 1.89% in regular hours.
Adjusted earnings per share came in at 89 cents, beating estimates of 87 cents. The actual earnings number was a 2% year-over-year increase. GAAP EPS was 87 cents, versus analyst's estimates of 81 cents. Revenue was $16.1 billion, beating analyst's expectations of $16.03 billion. The actual revenue number was flat year-over-year.
Management guided for non-GAAP EPS of $4.35 for all of 2019, after having guided for $4.60 previously. Analyst's were looking for the guidance of $4.50. Intel guided for $69 billion of revenue for the year, against analyst's expectations of $71.04 billion.
"Results for the first quarter were slightly higher than our January expectations," said CEO Bob Swan. "We shipped a strong mix of high-performance products and continued spending discipline while ramping 10nm and managing a challenging NAND pricing environment. Looking ahead, we're taking a more cautious view of the year, although we expect market conditions to improve in the second half."