Intel shares surge more than 5% after earnings beat, strong outlook

Intel Corp. shares surged in the extended session Thursday after the chipmaker's quarterly results and outlook topped Wall Street estimates. Intel shares rallied 6.4% after hours, following a 3.3% gain to close at $53.05 in the regular session. The company reported first-quarter net income of $4.45 billion, or 93 cents a share, compared with $2.96 billion, or 61 cents a share, in the year-ago period. Adjusted earnings were 87 cents a share. Revenue rose to $16.07 billion from $14.8 billion in the year-ago period. Analysts surveyed by FactSet had estimated 72 cents a share on revenue of $15.07 billion. For the second quarter, Intel estimates adjusted earnings of 85 cents a share on revenue of $16.3 billion. Analysts expect earnings of 81 cents a share on revenue of $15.59 billion.