(Reuters) - Chipmaker Intel Corp forecast second-quarter revenue above Wall Street estimates on Thursday, a sign that chip demand was recovering after a downturn wrought by excess supply and a post-pandemic slump in the personal computer market.
Shares of the company rose 2% in extended trading, having gained more than 10% so far this year following a tough 2022. A fall of about 30% in first-quarter global PC shipments has made some chip industry experts hopeful that a build-up of inventory has cleared out, paving the way for fresh orders.
Intel has also ramped up shipping of its most powerful data center chip Sapphire Rapids, which was delayed for over a year.
The company forecast second-quarter adjusted revenue in the range of about $11.5 billion and $12.5 billion. Analysts polled by Refinitiv were expecting revenue of $11.75 billion.
Revenue in the first quarter was $11.72 billion, compared to estimates of $11.04 billion.
(Reporting by Chavi Mehta in Bengaluru; Editing by Maju Samuel)
