Intel Lowers Its 2016 Revenue Growth Outlook - Quick Facts

(RTTNews) - Intel Corp. (INTC) announced the company expects its 2016 revenue to grow in the mid-single digits from 2015, down from its previous expectation of growing in the mid to high single digits. Non-GAAP gross margin for the year is expected to be 62%, plus or minus a couple points, down 1 point from the previous non-GAAP expectation of 63%.

For the second-quarter, Intel expects revenue to be $13.5 billion, plus or minus $500 million. The company said, after adjusting for the extra workweek in the first quarter, the forecast is at the low end of the average seasonal increase for the second quarter. Non-GAAP gross margin in the second quarter is expected to be 61%, plus or minus a couple of points.

Intel reported first-quarter GAAP earnings per share of $0.42, up one cent on a year-on-year basis. Non-GAAP earnings per share was $0.54, up nine cents on a year-on-year basis.

On a GAAP basis, first-quarter revenue was $13.7 billion, up 7% on year-on-year basis. Non-GAAP revenue was $13.8 billion, up 8% on a year-on-year basis.