Furthermore, revenue came in at $18.66 billion, falling below the $19.01 billion expected by analysts. Intel is also searching for new leadership after former CEO Brian Krzanich was ousted seven months ago.
“While it’s still early, it’s fair to say that this earnings season is so far turning out to be better-than-expected,” wrote Tom Essaye, president of the Sevens Report, in an Friday morning note to clients.
“Like the recent bounce in economic data, the net effect of [this]earnings season isn’t to provide an upside catalyst in stocks (results and data need to be better), but instead to solidify support at the lower end of the 2,550-2,720ish trading range,” he added.
IMF Cuts Global Growth Forecast
Investors on Friday also looked past fears of a global economic slowdown. Earlier this week, the International Monetary Fund lowered its global growth forecast, pointing to ongoing trade wars dampening China’s economic outlook as well as rising interest rates in the United States.
“Higher trade uncertainty will further dampen investment and disrupt global supply chains,” said IMF chief economist Gita Gopinath.
The IMF trimmed its growth expectations to 3.5 percent from 3.7 percent. Global growth outlook for 2020 was also cut to 3.6 percent from 3.7 percent.
“After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising,” said IMF Managing Director Christine Lagarde who presented the latest forecasts during the World Economic Forum in Davos, Switzerland.
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