Intel reported earnings of 79 cents per share, beating the 74 cents expected by Wall Street. Revenue came in at $16.37 billion, beating estimates of $15.75 billion, according to Thomson Reuters consensus.
Shares of Intel moved 2 percent higher in after-hours trading before paring those gains.
"This company is doing everything they're supposed to do," Trader Tim Seymour said, noting that his only issue is that the chipmaker's stock valuation hovers around $38.
Seymour owns Intel and recommended interested investors buy it for the long term.
The semiconductor giant's move into the autonomous-car space intrigued trader Brian Kelly. Still, he's waiting for the stock to break out above a $39 stock price.
Trader Guy Adami prefers Microsoft over Intel. He was discouraged by Intel's weak guidance for the first quarter of 2017.
Microsoft beat its earnings estimates and moved up 1 percent in after-hours trading.
Trader Dan Nathan said he would be more interested in buying Intel in the mid-$30s.