A mixed performance for Intel (INTC) - Get Report could indicate a bumpy road for Hewlett-Packard (HPQ) - Get Report .

Intel posted first-quarter earnings on Tuesday, delivering a bag of mixed results. Revenue for the quarter came in at $13.8 billion, beating the Street's expectation of $13.7 billion. But Intel also lowered revenue guidance for Q2 to $13.5 billion from $14.2 billion.

The chip giant also unveiled on Tuesday restructuring plans that could result in a reduction of up to 12,000 jobs, or about 11% of its employees. It also announced plans for CFO transition that will likely finish by the end of the year.

While there are a number of moving parts in Intel's story, the most significant point in its Q1 earnings was the visible weakness of the broader PC market, as well as the semiconductor company's continuing efforts not to depend so heavily on the segment.

In fact, Intel's results provides a strong read-through for Hewlett-Packard, wrote RBC Capital Markets analyst Amit Daryanani in a note Tuesday night.

"We think [first-quarter] shipment declines (-15% y/y) and negative PC comments (INTC lowered PC expectations from mid-single-digit decline to high-single-digit decline) should be a negative for HPQ and other PC vendors," Daryanani said. HP reports its quarterly earnings on May 19. 

Following investor meetings at HP, Daryanani wrote in a March note that the Palo Alto, Calif.-based tech giant remains comfortable with its ability to achieve between $2.3 billion to $2.6 billion in free cash flow this year and is forecasting a recovery for the PC market in the second half of the year. 

Elsewhere in the sector, printing and software company Lexmark International (LXK) agreed late Tuesday to a $3.6 billion takeout by a Chinese group of investors led by Apex Technology and PAG Asia Capital after launching a strategic review in October.

Daryanani noted that HP is fairly valued at the moment and that the Lexmark buyout will likely have a minimal trading impact on the stock.

Meanwhile, HP is still going through some reshuffling following a major restructuring last year.

In November, HP divided the company into two parts: a legacy PC and printing business, and an enterprise technology business. The former is called HP and has a $22.3 billion market capitalization, while the latter is named Hewlett Packard Enterprise (HPE) - Get Report  and has a $29.2 billion market cap.

On Monday, HP agreed to sell its customer experience management and cloud businesses to OpenText (OTEX) - Get Report for $170 million. Earlier in April, Hewlett Packard Enterprise sold its stake in financial software company Mphasis Ltd. for $1.1 billion to Blackstone Group (BX) - Get Report .

Intel's earnings also provide some insight for other peers in the chip group, including Advanced Micro Devices (AMD) - Get Report and Micron Technology (MU) - Get Report , wrote MKM Partners analyst Ian Ing in a Wednesday note.

"Client Computing results and guidance with particular weakness in China are a negative read-through for AMD," he wrote. "Micron DRAM is particularly sensitive to PC sales causing continued supply-demand imbalance."