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Intel reported quarterly earnings and revenue that handily beat analysts' expectations on Thursday. The company also issued first-quarter guidance that was light of Street expectations, sending shares down more than 2 percent in after-hours trading.
Intel reported earnings of 74 cents per share on $14.72 billion in revenue.
Analysts were expecting chipmaker Intel to report quarterly earnings per share of 66 cents on $14.71 billion in revenue, according to a consensus estimate from Thompson Reuters.
"The fourth quarter was a strong finish to a record year," said Intel CEO Brian Krzanich. "We met or exceeded several important goals: reinvigorated the PC business, grew the data center business, established a footprint in tablets, and drove growth and innovation in new areas."
For 2015, he says the company will focus on improving profitability in mobile and working toward the next wave of computing.
Fourth-quarter PC client group revenue grew 3 percent year-over-year to $8.9 billion, missing Street estimates for $9.2 billion.
For the first quarter, Intel expects sales to come in at $13.70 billion, "plus or minus $500 million." Current forecasts call for revenue of $13.78 billion, according to StreetAccount.
The company said it sees first-quarter gross margins coming in at 60 percent, "plus or minus a couple of percentage points," versus StreetAccount expectations 61.2 percent.
Angelo Zino, senior equity analyst at S&P IQ, said he thinks the selloff in reaction to the results was " a little bit over done."
"Intel previously announced that it was working on new products and that it could weigh on margins," Zino said. In addition, he noted that "demand tends to be lower during the first-quarter and margins tend to dip during seasonally slow periods. "
The PC industry declined some 2 percent last year, according to Rosenblatt Securities' Brian Blair. He said the company had snagged a bit of market share from rival chipmaker Advanced Micro Devices, "but that's mostly been at the low end of the market."
He noted that although the holiday shopping season was big for consumer-electronics overall, that's not where Intel plays. "They don't power the Samsung devices or the Apple iPhone, which was really where a lot of the volume was seen," Blair said in an interview with CNBC.
Intel has experienced a strong run in the last 12 months, rising about 36 percent and outpacing the broader market's gains.
—CNBC's Fred Imbert contributed.