Intel reported Q1 FY 2016 earnings of $0.54 per share (versus $0.41 in Q1 FY 2015), beating analysts' consensus of $0.48.

The company's quarterly revenues amounted to $13.801 bln (+8% y/y), slightly below consensus estimate of $13.826 bln.

Intel lowered 2016 outlook and guided Q2 revenues below consensus ($13-14 bln versus. consensus of $14.18 bln).

The company also announced restructuring plan that would include the layoff of 12 ths workers globally, representing nearly 11% of its worldwide workforce.

INTC fell to $30.91 (-2.18%) in pre-market trading.