Intel reports earnings as competitors rush to tout their own chips

Yahoo Finance's Dan Howley talks Intel's earnings.

Video Transcript

SEANA SMITH: We have some breaking news here. Intel is out with its earnings report, the stock taking a hit after hours. Dan Howley has that for us. Dan.

DAN HOWLEY: That's right. They came in with revenue of $18.3 billion on the expectations of $2.4 billion. Adjusted EPS was $0.90 per share. I'm sorry-- they had $19.2 billion for their revenue this quarter versus expectations of 18.24 and adjusted EPS of $0.90 versus $1.11. What is interesting is their data center earnings fell slightly short, $6.5 billion versus expectations of $6.64 billion. And they seem to have cut their adjusted EPS forecast. So that seems to be why shares are falling.

Intel CFO George Davis also announced that he's going to be retiring as of May 2022. And he's going to stay on in the role while Intel searches for a new CFO. Intel obviously being struck by AMD, gaining in market share, as well as Apple dropping its products. Amazon building-- Amazon and Google both building out their own chips, and that being a hit to the company.