Intel (NASDAQ:INTC) Releases Q2 2024 Earnings Guidance

Intel (NASDAQ:INTC) updated its second quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 0.100-0.100 for the period, compared to the consensus estimate of 0.240. The company issued revenue guidance of $12.5 billion-$13.5 billion, compared to the consensus revenue estimate of $12.7 billion. Intel also updated its Q2 guidance to $0.10 EPS.

Intel Stock Down 9.2 %

Intel stock traded down $3.23 during trading on Friday, reaching $31.88. 119,742,494 shares of the company’s stock were exchanged, compared to its average volume of 50,613,192. The company’s 50-day moving average is $40.88 and its two-hundred day moving average is $42.23. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.15 and a current ratio of 1.54. Intel has a 52-week low of $26.85 and a 52-week high of $51.28. The firm has a market cap of $134.79 billion, a price-to-earnings ratio of 33.21, a PEG ratio of 3.19 and a beta of 1.00.

Intel (NASDAQ:INTC) last announced its quarterly earnings results on Thursday, January 25th. The chip maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.27. Intel had a net margin of 7.36% and a return on equity of 2.22%. The firm had revenue of $15.40 billion during the quarter, compared to analysts’ expectations of $15.16 billion. During the same period in the prior year, the company earned $0.10 EPS. The firm’s revenue was up 9.7% on a year-over-year basis. On average, analysts predict that Intel will post 0.6 earnings per share for the current year.

Intel Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Tuesday, May 7th will be given a dividend of $0.125 per share. The ex-dividend date is Monday, May 6th. This represents a $0.50 dividend on an annualized basis and a yield of 1.57%. Intel’s dividend payout ratio (DPR) is 52.08%.

Wall Street Analysts Forecast Growth

INTC has been the subject of a number of research reports. Evercore ISI decreased their price target on shares of Intel from $40.00 to $36.00 and set an in-line rating for the company in a research report on Friday. Wedbush cut their price objective on shares of Intel from $40.00 to $32.50 and set a neutral rating on the stock in a report on Friday. Truist Financial cut their price objective on shares of Intel from $45.00 to $33.00 and set a hold rating on the stock in a report on Friday. UBS Group boosted their price objective on shares of Intel from $46.00 to $50.00 and gave the stock a neutral rating in a report on Monday, April 1st. Finally, Wells Fargo & Company cut their price objective on shares of Intel from $43.00 to $38.00 and set an equal weight rating on the stock in a report on Friday. Four investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $39.75.

Insider Buying and Selling

In other Intel news, CEO Patrick P. Gelsinger acquired 3,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were purchased at an average price of $43.36 per share, for a total transaction of $130,080.00. Following the completion of the purchase, the chief executive officer now directly owns 28,475 shares in the company, valued at $1,234,676. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Patrick P. Gelsinger bought 2,800 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was purchased at an average price of $42.74 per share, for a total transaction of $119,672.00. Following the transaction, the chief executive officer now owns 31,275 shares in the company, valued at $1,336,693.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Patrick P. Gelsinger bought 3,000 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was purchased at an average price of $43.36 per share, with a total value of $130,080.00. Following the transaction, the chief executive officer now owns 28,475 shares in the company, valued at approximately $1,234,676. The disclosure for this purchase can be found here. 0.04% of the stock is owned by company insiders.

Intel Company Profile

Intel Corporation designs, develops, manufactures, markets, and sells computing and related products and services worldwide. It operates through Client Computing Group, Data Center and AI, Network and Edge, Mobileye, and Intel Foundry Services segments. The company's products portfolio comprises central processing units and chipsets, system-on-chips (SoCs), and multichip packages; mobile and desktop processors; hardware products comprising graphics processing units (GPUs), domain-specific accelerators, and field programmable gate arrays (FPGAs); and memory and storage, connectivity and networking, and other semiconductor products.