#Intel Corp (NASDAQ:INTC) reported lower-than-expected quarterly revenue due to an unexpected slowdown in growth at its data center business, on which the world's largest chipmaker is banking to reduce its reliance on the personal computer market. The company's shares fell nearly 4 percent to $35.97 in trading after the bell on Thursday. Revenue from Intel's higher-margin data center business rose 6 percent to $4.2 billion in the first quarter. That was less than the 9 percent jump a year-ago and the 8 percent increase in the fourth quarter. "I think the Street was looking for slightly better than that," Stifel analyst Kevin Cassidy said. Analysts were expecting revenue to increase 10 percent to about $4.4 billion, according to FactSet StreetAccount. The slowdown in revenue growth comes after Intel warned in February that business's margins could be hit by higher costs. However, Intel still expects the business to grow in the high single-digit percentage rate this year, Chief Executive Brian Krzanich said on a call.
https://m.investing.com/news/technology-news/intel%27s-quarterly-profit-rises-45-percent-478242
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