Intel shares jump 20% after Q1 revenue and EPS beats
Intel just surprised Wall Street: its stock shot up 20% after-hours on Thursday, all thanks to a big boost from Intel's strong earnings beat and Q2 guidance.
The company pulled in $13.58 billion in Q1 revenue, easily beating the $12.42 billion expected, and earnings per share landed at 29 cents (way higher than the predicted one cent).
Looks like AI is helping turn things around for Intel.
Intel data center business grew 22%
Looking ahead, Intel expects Q2 revenue between $13.8 and $14.8 billion, again topping forecasts.
Their data center business grew 22% with strong CPU demand, pushing overall revenue up 7.2% year over year.
On the flip side, losses deepened to $4.28 billion compared to last year's $887 million loss.
Fun fact: Rival AMD's stock also jumped 7%, and there's buzz about Tesla possibly becoming a customer for Intel after Elon Musk hinted at rising chip demand in the industry.