Shares of Intel (INTC) are lower in after-hours trading on Thursday after the company posted its first-quarter earnings, revealing a revenue of $12.72 billion, a gain of 8.8% year-over-year. Revenue narrowly beat estimates of $12.71 billion, however, the company missed out on estimates for its second-quarter forecast, placing revenue between $12.5 billion to $13.5 billion against an expected $13.63 billion.
While Intel may be down, some still believe the chipmaker is certainly not out.
The Futurum Group Chief Market Strategist Cory Johnson joins Market Domination Overtime to discuss Intel’s earnings and how the company may still be able to turn it around.
Johnson elaborates on why Intel is in such a strong position:
"They have received more money from the CHIPS Act than anyone else out there, so they are in a really strong position building out their facilities all over the country, particularly in Columbus, Ohio… They are clearly pushing ahead really fast… that is good for the foundry business… The foundry business ultimately is going to be very difficult to do, but they’re pushing ahead at really having cutting-edge foundry services and as you mentioned, in the angstrom levels at the real cutting-edge, which we haven’t had in this country for many, many years."
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