Shares of computer processor maker Intel (NASDAQ:INTC) fell 10.9% in the morning session after the company reported first-quarter results, with revenue and EPS falling below Wall Street's expectations. Specifically, revenue in the "All Other" segment, which includes Altera and Mobileye, fell below expectations due to inventory headwinds. Intel observed slightly weaker-than-expected trends during the quarter and called out near-term supply constraints. As a result, guidance wasn't encouraging, as
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Intel showcased new GenAI solutions with Gaudi 3 accelerator to help businesses overcome obstacles in scaling AI initiatives and democratize AI across various sectors.
Analyst maintains Intel with Neutral rating and $42 price target, noting improved laptop CPU share due to Meteor Lake and Raptor Lake refresh, while AMD lacks new CPU. Intel also gained desktop CPU share, and aftermarket retail GPU prices increased. Intel aims for 60% gross margin and 40% operating margin, while Foundry targets 40% gross margin and 30% operating margin long-term, with near-term operating margin at -37%. Focus is on product roadmap execution and margin improvement in Foundry business.