NEW YORK ( TheStreet) -- Intel ( INTC) cruised past Wall Street's expectations for its first-quarter results but the stock fell in Tuesday's extended session as the Dow component forecast a sequential decline in gross margins in the second quarter. Santa Clara, Calif.-based Intel reported non-GAAP earnings of $2.9 billion, or 56 cents a share, on revenue of $12.9 billion for the first quarter, besting the average estimate of analysts polled by Thomson Reuters was for a profit of 50 cents a share in the March-ended quarter on revenue of $12.84 billion. For the second quarter ending in June, the Dow component said it expects revenue of $13.6 billion, plus or minus $500 million, which compares to the current Wall Street consensus view for revenue of $13.45 billion. Gross margin for the second quarter is pegged between 62-63% on a non-GAAP basis, a decline from a non-GAAP gross margin of 65.1% in the first quarter. The stock was last quoted at $27.70, down 2.5%, on volume of 2.97 million, according to Nasdaq.com. "The first quarter was a solid start to what's expected to be another growth year for Intel," said Paul Otellini, the company's president and CEO, in a statement. "In the second quarter we'll see the first Intel-based smartphones in the market, ship products based on 22nm tri-gate technology in high volume, and accelerate the ramp of our best server product ever, providing a tremendous foundation for growth in 2012 and beyond." Based on Tuesday's regular-session close at $28.47, the shares were up more than 40% in the past year. The stock hit a new 52-week high of $28.78 during Tuesday's regular session. The sell side was slightly bearish ahead of Intel's report with 30 of the 53 analysts covering the stock at either hold (26) or underperform (4), and the median 12-month price target at $28. Check out TheStreet's quote page for Intel for year-to-date share performance, analyst ratings, earnings estimates and much more. -- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron.