What you need to know
- Intel reported its Q1 2020 earnings today.
- Revenue was up 23 percent for the quarter to $19.8 billion.
- Profits for the quarter came in at $5.7 billion.
Intel today reported its first-quarter results for 2020, noting revenues were up 23 percent compared to Q1 2019 at $19.8 billion. Net income also rose significantly to $5.7 billion, up from $4 billion in 2019.
"Our first-quarter performance is a testament to our team's focus on safeguarding employees, supporting our supply chain partners and delivering for our customers during this unprecedented challenge," Intel CEO Bob Swan said in a press release. "The role technology plays in the world is more essential now than it has ever been, and our opportunity to enrich lives and enable our customers' success has never been more vital. Guided by our cultural values, competitive advantages and financial strength, I am confident we will emerge from this situation an even stronger company."
Breaking things down, Intel says it saw its data-centric revenue grow by 34 percent, while PC-centric revenue grew by 14 percent. The company says it was able to maintain "essential factory operations with greater than 90 percent on-time delivery" despite challenges from the COVID-19 pandemic.
The rise in PC-centric revenue was due to an uptick in supply and increased demand for the quarter. This jives with a recent analyst report fron Canalys that said PC demand "soared" in Q1 2020.
The Q2 outlook for the PC market is less bullish, however, and Intel's forecasts for the quarter match that. The company says it expects revenues to land around $18.5 billion for Q1, which was below analyst expectations. Intel's stock dropped nearly six percent in after-hours trading.