Intel gives up early gains, stock goes flat on the day

Key Points
  • Intel beat on both the top and bottom lines in the first quarter.
  • Shares opened at $55.44, after closing Thursday at $53.05.
  • As of Friday's open, Intel was up 20 percent on the year and nearly 50 percent in the 12-month period.
Unrelenting demand for compute performance, says Intel CFO

Intel stock gave up its gains Friday after rising above $55 a share in the wake of the tech company's strong earnings report.

Intel beat on both the top and bottom lines when it reported first-quarter earnings Thursday, despite admitting it "bit off a little too much" amid 10-nanometer chip delays.

"As long as we have the highest performance products in the market, which we do, and scaling high yield manufacturing processes, we believe we can continue to deliver very strong gross margins for our shareholders while enhancing performance for customers," CFO Bob Swan told CNBC's "Squawk Alley" Friday.

Shares opened nearly 4 percent up at $55.44, after closing Thursday at $53.05. Shares were trading as much as 7 percent up before the market open.

By late morning, shares were up fractionally from Thursday's close.

"As we go into the second half of the year, we have much tougher comps for our business after an outstanding second half of 2017," Swan said. "And also the macroeconomic climate from our vantage point heading into the second half is not quite as clear as the growth we're anticipating in the second quarter."

Intel announced Thursday it had hired Tesla's departing head of autopilot, Jim Keller. He will join Intel as senior vice president and lead the company's silicon engineering.

By mid-day Friday, Intel was up 15 percent on the year and more than 40 percent in the 12-month period.