Intel Corp. (NASDAQ:INTC) stock jumped premarket on Friday after the company reported its first-quarter results after Thursday’s closing bell.

The chipmaker smashed street estimates on both earnings and revenues.

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Earnings Snapshot

Intel reported quarterly earnings of 29 cents per share, which blew past the analyst consensus estimate of one cent, according to Benzinga Pro data. 

Quarterly revenue came in at $13.58 billion, which beat the Street estimate of $12.42 billion and was up from $12.67 billion in the same period last year. Revenue also surpassed expectations by $1.4 billion versus the midpoint of guidance.

Chief Financial Officer Dave Zinsner told CNBC correspondent Kristina Partsinevelos that part of the upside came from selling products previously written off as end-of-life inventory, which saw renewed customer demand.

Intel expects second-quarter adjusted EPS of 20 cents, versus the 9-cent analyst estimate, and revenue in a range of $13.8 billion to $14.8 billion, versus the $13.07 billion estimate.

Conference Call Takeaways

The company said AI-related ...