Intel's revenue was flat year over year at $19.6 billion, while its adjusted earnings per share rose 12% to $1.14. That was well above Wall Street's expectations, which had called for EPS of only $1.06.
"There's never been a more exciting time to be in the semiconductor industry," CEO Pat Gelsinger said in a press release. "The digitization of everything continues to accelerate, creating a vast growth opportunity for us and our customers across core and emerging business areas."
However, investors appeared to focus more on Intel's warning that the global chip shortage could persist into 2023.
Although strong demand for semiconductors and industrywide manufacturing bottlenecks are helping to preserve chipmakers' margins, they are also weighing on Intel's sales. "We remain in a highly constrained environment where we are unable to fully supply customer demand," CFO George Davis said during a conference call with analysts.
Moreover, the situation is likely to get worse in the coming months before it begins to improve. "While I expect the shortages to bottom out in the second half, it will take another one to two years before the industry is able to completely catch up with demand," Gelsinger said.