slightly beat Wall Street’s expectations for the first quarter as the company reported earnings of 17 cents a share on revenue of $16.1 billion.
For the period ending March 31, analysts had expected Intel to report non-GAAP earnings of 89 cents a share on revenues of $16.03 billion.
The results come after the big chip maker announced its exit from 5G smartphone modems. Apple and Qualcomm resolved their legal differences, and that prompted Intel’s exit, as Apple was Intel’s major 5G potential customer.
But Intel continues to focus on the “data-centric” strategy, with chips for PCs and datacenter processing as demand grows for everything from internet of things devices to self-driving cars.
Intel is the sole supplier of iPhones’ modem chips, but the 5G