Intel Shares Lose Ground After Q2 Report, Posts $1.4B Restructuring Charge

Shares of Intel (INTC) - Get Report taking a hit in after-hours trading on Wednesday after the chip giant reported second quarter results which beat on the bottom line, but missed on the top line. The big surprise was the size of its $1.4 billion restructuring charge. The chipmaker reported earnings of $0.59 a share, six cents better than expected. Revenue came in at $13.53 billion, that was just slightly below forecasts. Gross margins were at roughly 59 percent. In the earnings release, the company's ceo saying, 'Our first-quarter results tell the story of Intel's ongoing strategic transformation, which is progressing well and will accelerate in 2016...We are evolving from a PC company to one that powers the cloud and billions of smart, connected computing devices.' TheStreet's Ruben Ramirez has details from Wall Street.