Intel Corp. INTC, a Zacks Rank #3 (Hold)-rated company prior to its Q1 earnings report after Thursday’s closing bell, easily outpaced estimates on both top and bottom lines. Earnings of $1.45 per share was well ahead of both the $1.28 expected and the 89 cents per share reported in the year-ago quarter. Revenues in the quarter reached $19.83 billion, higher than the $18.75 billion in the Zacks consensus.
PC-related businesses brought in $9.8 billion in Q1, higher than the $9.3 billion analysts were looking for. Intel’s Data Center finished the quarter with $7 billion in sales, ahead of the $6.3 billion estimate. The company has clearly shown its strength as a “work from home” stock, which has justified its 19% stock gain in the past month. Intel has not missed a quarterly earnings estimate since Q4 2013.
That said, we appear to be seeing a “sell the news” scenario with regard to Intel stock, as shares are down 5% upon the earnings release. The company also suspended guidance for its full-year earnings and revenues, while the company guided slightly lower for Q2 2020. For more on INTC’s earnings, click here.
Edwards Lifesciences EW, another Zacks Rank #3 stock, also outperformed expectations after regular trading ended, with $1.51 per share rocketing past the $1.29 expected and +14% year over year. Sales of $1.1 billion surpassed the $1.05 billion analysts were anticipating. Revenues guidance for next quarter provided a range of $700-900 million, where the Zacks consensus estimate of $821.72 million rests easily.
Full-year guidance, however, was lowered from the previous $4.6-5.0 billion to an updated $4.0-4.5 billion. For more on EW’s earnings, click here.
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