Updated from 9:36 a.m. EDTShares of chip giant Intel ( INTC) slipped in trading Wednesday as investors digested the company's first-quarter results and vague second-quarter outlook. The company's shares were recently down 54 cents, or 3.4%, to $15.47, underlining the uncertainty that still clouds tech sector stocks. Intel offered up some hints of a turnaround when it released its results late Tuesday, but it was unwilling to provide second-quarter revenue guidance, citing the challenges of a tough economy. Internally, however, the company is forecasting second-quarter revenue at a similar level to the first quarter. The chip manufacturer has also seen some changes in the PC market, which may now be emerging from its recent slump. "We saw a few important trends play out this quarter," said Intel CEO Paul Otellini during a conference call late Tuesday. "We are seeing signs that a bottom in the PC market segment has been reached." Desktop sales hit the bottom first and have followed more normal patterns since early February, according to the CEO. Notebook supply chains and inventory levels have also returned to normal levels, he added. Despite beating the Street's estimates, the tech bellwether saw its profits tumble during the first quarter. Intel reported revenue of $7.1 billion, down from $9.7 billion in the same period last year, but above analyst estimates of $6.98 billion. The Santa Clara, Calif.-based firm's earnings were 11 cents a share on net income of $647 million, compared to 25 cents and net income of $1.4 billion in the year-ago quarter. Analysts had expected the chip manufacturer to earn 3 cents a share.