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Intel Corporation Message Board

  • bacbacker bacbacker Apr 19, 2013 5:08 PM Flag

    Intel: Earnings Conference Call Post Mortem

    by Russ Fischer

    Intel (INTC) reported earnings Tuesday after the close. The results were within Intel's own guidance given a quarter ago.
    First-quarter revenue was down $100 million from the midpoint of guidance, gross margin was at the low end of guidance.
    Second-quarter guidance is marginally better than first quarter results, which was as expected. The first quarter could have been better if two major customers, Dell (DELL) and Hewlett-Packard (HPQ) weren't completely distracted from the PC business.
    Intel has maintained the last half of 2013 will begin a recovery with a 2% increase in revenue for the full year and gross margin recovery to 60% for the full year.
    Given that, the second half should be ~$29 billion and 63% gross margins. A couple of $14.5 billion quarters would be new records, so the Intel world isn't falling apart as some pundits are wont to declare.
    PC client units were down 6% vs. third party estimates of down 14%. Someday the third parties will surrender and simply wait for the quarterly reports in order to get the numbers right. Why announce gross errors only days before the earnings announcement? I agree with the author of this article that the Osborne Effect has been playing a little mischief in the PC market.

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