Talk about 5G is everywhere right now, from the trade war with China to the ban on Huawei. Here's what 5G is and why it matters.Technologyread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
Shares of L Brands, the owner of Victoria's Secret and Bath & Body Works, rose nearly 11% in aftermarket trading Wednesday after the company reported it beat revenue and...Retailread more
CNEX, backed by Microsoft and Dell, filed new allegations in a Texas suit accusing China's Huawei and an executive of trade secrets theft.Technologyread more
Officials remained firmly committed to a "patient" policy stance at their meeting earlier this month.The Fedread more
A slew of retail earnings the past two weeks makes it clear that while Americans continue to shop, they aren't ringing registers at department stores.Retailread more
Stocks that would benefit from a federal infrastructure spending program fell after President Trump ended a meeting on infrastructure spending with Democratic leaders.Market Insiderread more
Controversial lawyer Michael Avenatti was indicted on charges of trying to extort athletic shoe giant Nike out of tens of millions of dollars by threatening to go public with...Politicsread more
Despite the president's claim that "you can't investigate and legislate simultaneously," certain must-pass pieces of legislation, including a debt ceiling hike, will...Politicsread more
Moody's said it's downgrading the outlook for Equifax from stable to negative, citing ongoing fallout from the company's 2018 data breach.Technologyread more
Amazon shareholders demanded the company to take action on a number of different issues during its annual shareholder meeting on Wednesday.Technologyread more
Here are the key numbers:
Intel said it expects full year revenue of $69.0 billion compared to estimates of $71.05 billion. That would be a decline from $70.8 billion in 2018 and mark the company's first revenue drop since 2015.
The report is the first for CEO Bob Swan since he was named permanent CEO in January. Swan, who became Intel's finance chief in 2016, took the top job on an interim basis last year after Brian Krzanich was ousted for what the company called a "consensual relationship" with an employee.
Intel said last week that it's exiting the 5G smartphone market after determining there was "no clear path to profitability," further ceding the mobile phone chip business to Qualcomm. The company also said it's assessing its future in so-called internet of things devices, or the growing number of gadgets that are connected to the web.
On Thursday's conference call, Intel told analysts that it's "conducting a strategic assessment of 5G modems for the PC and IoT sectors."
That leaves the company increasingly reliant on the data center business, where Intel has dominant market share in providing chips for servers. But revenue for Intel's data-centric businesses fell 5% year over year in the first quarter, the company said. Its Data Center Group reported revenue of $4.9 billion for the quarter, down from $5.2 billion during the same quarter last year.
The group's enterprise and government revenue saw the steepest decline for the quarter at 21%. The communications service provider segment declined 4%, while Intel's cloud segment grew 5%.
An additional problem for Intel is the company hasn't been making enough central processing units (CPUs) to meet PC demand. It's PC-centric business posted a 4% increase, however, based in part on strength in gaming and high performance products.
For Intel, it all amounts to a lagging stock price. The shares are up 12% in the past year, while the S&P 500 technology group has gained almost double that amount.
WATCH: Semi stocks surge