Intel reported first-quarter financial results on April 24. Revenue reached $13.6 billion, marking a 7% year-over-year increase. This total beat analyst estimates of $12.41 billion. Adjusted earnings per share were $0.29, exceeding the Wall Street consensus of $0.02. Intel's stock rallied nearly 17% in after-market hours.
Growth in the data center and artificial intelligence business fueled the outperformance. CFO David Zinsner stated the results reflect unprecedented demand for silicon. Zinsner also noted the essential role of the CPU in the AI era.
The company provided a strong forecast for the second quarter. Management expects revenue to range between $13.8 billion and $14.8 billion.