Intel (INTC) reported Q1 FY 2021 earnings of $1.39 per share (versus $1.45 per share in Q1 FY 2020), beating analysts’ consensus estimate of $1.14 per share.

The company’s quarterly revenues amounted to $18.600 bln (-6.2% y/y), beating analysts’ consensus estimate of $17.968 bln.

The company also issued downside guidance for Q2 FY 2021, projecting EPS of $1.05 versus analysts’ consensus estimate of $1.10 and revenues of $17.8 bln versus analysts’ consensus estimate of $17.9 bln.

Intel raised guidance for FY 2021. Now, it sees EPS of $4.60, up from $4.55 previously (versus analysts’ consensus estimate of $4.61) and revenues of $72.5 bln, up from $72.0 bln previously (versus analysts’ consensus estimate of $72.95 bln).

INTC fell to $60.90 (-2.67%) in pre-market trading.