"The decline in memory pricing has intensified, the data-center inventory and capacity digestion that we described in January is more pronounced than we expected, and China headwinds have increased, leading to a more cautious IT spending environment", Intel Chief Executive Bob Swan said on the conference call said.
Data-centric revenue was primarily dragged down by a 6% decline in Intel's Data Center Group unit. Shares of Intel were down more than 7% in after market trading. The lower-than-expected full-year revenue guidance would mark Intel's first decline since 2015.
For the second quarter, Intel said it expects adjusted earnings of Dollars 89 cents on revenues of approximately USD 15.6 Billion.
"Our expectation is we will continue to deliver on the 4G modem throughout the course of this year, including the second iteration of that product coming in the fall back to school season", said Swan.
Learn Barcelona next match and team’s tournament standings
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For the year, the chip maker sees adjusted earnings of $4.35 a share on revenue of about $69 billion. As pointed by Partick Moorhead, principal at Moor Insights & Strategy in the WSJ's report, the value of the business depreciates with every second that goes by.
Intel announced earlier this month that it is leaving the 5G modem business, as there was "no clear path to profitability" for its efforts.
Qualcomm's modems have also historically been superior to Intel's.
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The PC-centric business (CCG) was up 4 percent in the first quarter due to a strong mix of Intel's higher performance products and strength in gaming, large commercial and modem. What's even more interesting is that Intel has been allegedly in talks with Apple since summer of past year, with the iPhone-maker considering purchasing part of Intel's modem business. Sell-side analysts anticipate that Intel will post 4.51 earnings per share for the current year. From AT&T's misleading 5G E icon - which prompted a lawsuit from Sprint - to Qualcomm and Apple's recently settled patent dispute, 5G seemingly has mobile carriers, component suppliers, and handset manufacturers all trying to eek out any type of advantage in the marketplace they can.
Another, separate problem for Intel is its PC business. Intel's dividend payout ratio (DPR) is 27.51%.
"Some solid wins and alliances there, as well as demand for its new-generation chips, should help put this quarter's bad news in the rear view mirror", King said.
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