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- 1 Intel Corporation (NASDAQ: INTC) is currently trading at $35.80 with a nominal rise of 0.08% in the last 24 hours.
- 2 Year-to-date INTC gave a good return of 32.37%.
As one of the world’s top chipmakers, Intel Corporation (NASDAQ: INTC) has a strong presence in the PC and data center markets. However, the company has struggled with various issues in recent years, such as losing its manufacturing advantage, facing more competition, and dealing with the COVID-19 pandemic and the global chip shortage.
Financial Results
On July 25, 2023, Intel announced its financial results for the second quarter of 2023. The company recorded a revenue of $44.7 Billion, up 11.8% quarter-over-quarter and 13.5% year-over-year. However, its net income attributable to stockholders dropped by 11.4% year-over-year to $2.6 Billion, even though it rose by 8.3% quarter-over-quarter.
Its EBIT-adjusted also decreased by 20.9% year-over-year and 15.8% quarter-over-quarter to $3.2 Billion. Its EPS-diluted and EPS-diluted-adjusted both improved by 8.9% and 10.9%, respectively, from the previous quarter, but declined by 10.7% and 5.3%, respectively, from the same quarter last year.
2023 Outlook For Intel Stock
Based on its strong performance and outlook, the company also increased its full-year earnings guidance for 2023. The company now aims to deliver a U.S. GAAP net income attributable to stockholders of $9.0 Billion-$10.5 Billion, higher than the previous estimate of $8.4 Billion-$9.9 Billion.
It is targeting an EBIT-adjusted of $12.0 Billion-$14.0 Billion, up from the previous estimate of $11.0 Billion-$13.0 Billion. Furthermore, the company projects a U.S. GAAP net automotive cash provided by operating activities of $17.5 Billion-$21.5 Billion, higher than the previous estimate of $16.5 Billion-$20.5 Billion. Additionally, the company expects an adjusted automotive free cash flow of $6.5 Billion-$8.5 Billion, higher than the previous estimate of $5.5 Billion-$7.5 Billion.
INTC Price Technical Analysis
INTC stock price has been in a long bullish trend, but it is now consolidating mildly. However, a bullish crossover on the chart suggests that the bullish trend will resume. The price is above the 50 and 200 SMAs, which indicates strong upward momentum.
RSI is in the neutral zone above the middle line and moving toward the oversold zone. The RSI value is 60.51 and the 14 SMA value is 57.07, below the RSI line, which shows a strong momentum.
MACD is in a positive zone, with the MACD line above the signal line at 0.7494, which signals strong momentum.
Support and Resistance Levels for INTC
Support levels: $31.00 and $28.00.
Resistance levels: $40.00 and $37.20.
Summary
Intel still maintains a strong financial position and a loyal customer base, despite its difficulties. The company also rewards its shareholders with regular dividend payments, which has a current yield of 1.45%. The company reported strong quarterly results. According to technical indicators including RSI, MACD, and SMAs, the price may consolidate for a short period and then resume its uptrend. However, investors and traders should wait for a clear entry signal and avoid FOMO to prevent losses.
Disclaimer
The information provided in this article is for educational purposes only and does not constitute investment advice. Technical analysis is based on historical patterns and trends and does not guarantee future results. Trading involves risks and you should only invest what you can afford to lose.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
