Intel (INTC) issued a quarterly outlook that fell short of analys𝕴ts’ expectations, sending shares lower in extended trading Thursday.

The chipmaker projected second-quarter revenue of $11.2 billion to $12.4 billion, well below the analyst consensus compiled by Visible Alpha. Intel's projection of breakeven adjusted earnings per share also trailed analysts' forecasts.

"The current macro environment is creating elevated uncertainty across the industry, which is reflected in our outlook," CFO David Zinsner said.

Shares of Intel dropped more than 5% in after-hours trading after climbing 4.4% in Thursday's session. The stock was up about 7% for 2025 through Thursday’s close.

First-Quarter Results Top Estimates

Intel reported first-quarter revenue of $12.67 billion, down less than 1% year-over-year and above the analyst consensus. Adjusted net income of $580 million, or 13 cents per share, compared to $759 million, or 18 cents per share, a year earlier, also topping Wall Street’s estimates. Intel's foundry division, which makes chips for other companies, delivered revenue of $4.7 billion, beating projections.

During the company's earnings call, Zinsner said, "we believe Q1 revenue benefited from customer purchasing behavior in anticipation of potential tariffs," though he added it's "difficult to quantify the magnitude.”

CEO Lip-Bu Tan Says There Are 'No Quick Fixes'

“The first quarter was a step in the right direction, but there are no quick fixes as we work to get back on a path to gaining market share and driving sustainable growth,” said CEO Lip-Bu Tan, who 澳洲幸运5开奖号码历史查询:took over the role in March. Tan added that he is "taking swift actions to drive better🌠 execution and operational efficiency."

In a letter published alongside the company’s earnings report, Tan laid out a number of changes, from an 澳洲幸运5开奖号码历史查询:expanded return-to-office mandate and directive to cut back on meetings, to "removing layers" of the organization.

“There is no way around the fact that these critical changes will reduce the size of our workforce,” Tan wrote. "As I said when I joined, we need to make some very hard decisions to put our company on a solid footing for the future. This will begin in Q2 and we will move as quickly as possible over the next several months."

The comments follow a report this week that Intel plans to cut 澳洲幸运5开奖号码历史查询:more than 20% of its 💙workforce, as💧 part of a bid to streamline its operations.

This article has been updated since it was first published to include additional information and reflect more recent share price values.