Comments from Intel's (INTC) CFO relieves anxiety about second quarter revenue

(Updated - May 31, 2023 11:59 AM EDT)

Shares of chipmaker Intel (NASDAQ: INTC) climbed Wednesday afternoon following comments from the company’s CFO, David Zinsner, at TD Cowen's 51st Annual Technology, Media & Telecom Conference.

The presentation began at 10:15 a.m. ET.

Zinsner said Intel sees revenue in the second quarter of 2023 at the upper end of its previous guidance range, tracking to reach $12 billion to $12.5 billion. Intel’s official guidance was issued at the end of April and called for second quarter revenue of $11.5 to $12.5 billion.

"We're going to track at $12 billion to $12.5 billion as we close out the second quarter," Zinsner said.

The update was likely a relief for Intel shareholders given concerns that investment in artificial intelligence and high-end chips from rivals like Nvidia would cannibalize standard data center investment.

Intel shares climbed over 5% following Zinsner’s presentation.

By Louis Juricic

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