Why Intel Stock Dropped After Its Earnings Beat

Semiconductor giant Intel (NASDAQ: INTC) beat on earnings last night, reporting $1.39 per share in pro forma profit on $19.7 billion in revenue, easily surpassing analyst projections for $1.15 per share in profits and $17.9 billion in sales. Well, for one thing, although Intel "beat estimates" in the first quarter of 2021, its numbers still weren't great. Revenue declined 1% year over year, and while pro forma profit was $1.39 per share, when calculated according to generally accepted accounting principles (GAAP), Intel's profit was only $0.82 per share, down 37% from last year's Q1.