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Intel reported earnings that topped street estimates. posting $18.6 billion in adjusted revenue and an adjusted EPS of $1.39 versus $17.7 billion in expected adjusted revenue and an expected adjusted EPS of $1.14. Yahoo Finance’s Jared Blikre breaks down the key metrics.
ADAM SHAPIRO: Intel earnings are out. What's inside Intel, Jared?
JARED BLIKRE: I'll tell you what. Mostly good numbers here, but we did have a miss on the data center revenue. And that's probably what investors are focusing on right now, as the stock is off about 1% to 2%, as you can see on your screen there. Let me give you all the numbers. So first quarter adjusted EPS came in at $1.39, pretty well beating the estimates of $1.14. We have first quarter revenue. That was $19.67 billion. And that is a beat as well.
Their adjusted revenue, now $18.6 billion, is greater than the Street estimate of $17.7 billion. And then they upped their guidance, and this is pretty important here. Intel sees full year adjusted revenue of $72 and 1/2 billion. So that's half a billion greater than they saw before. Some incrementally good news there for Pat Gelsinger as they try to revamp things.
And here's a note from the CEO in the earnings release. Intel delivered strong first quarter results driven by exceptional demand for our leadership products and outstanding expec-- excuse me-- execution by our team. The response to our IDM 2.0 strategy has been extraordinary. Our product roadmap is gaining momentum. And we're rapidly progressing our plans with reinvigorated focus on innovation and execution.
This is a pivotal year for Intel. It goes on, but I think investors are saying, yes, it is a pivotal year for Intel, as they're doubling down on some of their strategies. We know that they're expanding their fabrication operations. And just all in all, Pat Gelsinger, they got their work cut out for them over at Intel. So it was a miss on that data center group revenue. I'll give you that number, $5.56 billion. The Street was expecting $5.89 billion. But overall, not a bad report. They managed to beat on both their top and bottom lines. Guys.