Intel (NASDAQ:INTC) delivered its fiscal 2014 first-quarter earnings results after the markets closed today. The chip maker posted a profit of $0.38 per share, which was down 5% year-over-year but a penny better than analysts had expected. Wall Street was looking for earnings per share of $0.37 in the quarter. Intel's first-quarter net revenue was $12.76 billion, which was slightly below analyst estimates for revenue of $12.8 billion in the period.
The company said it shipped 5 million tablet processors in the quarter, and that it is on track to ship 40 million tablets this year. Plagued by declining PC sales, Intel is making a big bet on tablets and the emerging "Internet of Things" market. Intel is also hoping to integrate its chip technology into various wearable devices in the future. During its first quarter, the company's Internet of Things Group pulled in $482 million, which was down 10% from the previous quarter but an increase of 32% year-over-year.
Looking ahead, Intel expects second-quarter revenue of $13 billion. Shares of Intel were up less than a percentage point in after-hours trading on the news as of 4:45 p.m.
Tamara Rutter has no position in any stocks mentioned. The Motley Fool recommends Intel. The Motley Fool owns shares of Intel. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.