Intel reported earnings per share of $1.31, up 51% from the same period in the prior year, on $19.8 billion in quarterly revenue. Wall Street analysts had projected the company would make around $18.6 billion in revenue during the first quarter.
The chip maker's stock fell more than 5% in after-hours trading, though, after the company declined to provide financial guidance for the full year given the economic uncertainty caused by coronavirus. For the three months ending in June, Intel is projecting earnings per share of $1.04, up just 13% from the prior year.
“Our first-quarter performance is a testament to our team's focus on safeguarding employees, supporting our supply chain partners and delivering for our customers during this unprecedented challenge,” Intel CEO Bob Swan said in the earnings press release Thursday.
The shift for many companies to remote working set-ups amid coronavirus may have been a boon to Intel. Revenues from the company's data center group were up 43% to $7 billion during the quarter, which includes 53% year-over-year growth in cloud service provider revenue. Intel's PC business was also up 14%.
In a March 19 letter to customers, Swan called the technology industry "more essential now than it has ever been," and said Intel's manufacturing and production teams were maintaining on-time delivery rates above 90%.
But given the economic impact of coronavirus, analysts have wondered whether companies will be able to keep spending on enterprise tech services from firms such as Intel. On a call with analysts Thursday, Swan also acknowledged that demand in the second half of this year "remains more uncertain" because of the pandemic.