Ammon News - Intel forecast second-quarter revenue and profit below Wall Street estimates on Thursday, casting a shadow over new CEO Lip-Bu Tan's first round of earnings at the helm, against the backdrop of a raging Sino-U.S. trade war.

In a conference call with investors, Tan also gave the first hints of sweeping plans to revitalize Intel's culture of innovation, including a mandate for employees to return to the office four days a week, fewer meetings and stripping out unnecessary internal administrative work in favor of core engineering work.

His remarks appeared to help Intel shares stem losses in extended trading but they were still down 5%.


The chipmaker's dour outlook could be another source of pessimism for investors who are counting on Tan to turn things around after years of missteps have left it struggling to gain a foothold in the booming AI market.

Fears around tariffs pushed customers to stockpile Intel chips, which boosted sales in the first quarter, CFO David Zinsner said. The company was not able to determine the amount of the benefit, and it expects the second quarter to suffer as a result.

*Reuters