The Santa Clara, Calif.-based chip giant reported a loss of 19 cents a share on US$12.7 billion in revenue in the first quarter, both better than analysts’ consensus estimates as compiled by Visible Alpha. New CEO Lip-Bu Tan also announced layoffs starting this quarter. (The Logic)

Talking point: Intel’s data centre and AI sales grew eight per cent in the quarter, but that success was offset by the contraction of the company’s larger computing business. Tan, who was appointed CEO in March, is just starting his attempted turnaround of the firm, and has promised to narrow its focus to engineering better chips and manufacturing capabilities. The firm is also unloading non-essential units like Altera and its VC arm. But markets aren’t yet buying the strategy, with Intel’s share price falling as much as 10 per cent in Friday trading. Analysts pointed to the firm’s forecast for the current quarter, which projects between US$11.2 billion and US$12.4 billion in revenue and a loss of US$0.32 per share.