Intel said it expected $18.3 in adjusted sales in the first quarter of 2022, beating consensus analyst expectations of $17.62 billion.
Intel warned last quarter that its margin would shrink over the next two to three years as it invests in additional manufacturing capacity. Even with the lowered expectations, the company's gross margin forecast for 52% in the first quarter still narrowly missed estimates of almost 53%.
Intel CEO Pat Gelsinger said in an interview that the annual drop in the group, which includes Intel's PC chip business, was a function of customers and PC makers shifting sales from quarter to quarter. PC sales have been elevated since the start of the pandemic in 2020, including during last year's December quarter.
The Data Center Group unit also topped expectations, with revenue rising 20% to $7.3 billion, compared to the average estimate of $6.7 billion.
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