Intel shares surge as much as 24% after Q1 beat and upbeat Q2 guidance

Intel shares jumped as much as 24.4% in early trading on April 24, after rising more than 20% in after-hours trading. The rally followed a Q1 beat with adjusted EPS of $0.29 and Q2 revenue guidance of $13.8 billion-$14.8 billion, both reported as above analyst estimates. Shares were already up more than 80% for the year, so the move reflects a sharp re-rating on the CPU-demand story.

• Shares up as much as 24.4% intraday on April 24, after more than 20% after hours
• Q1 adjusted EPS $0.29 versus forecasts of about 1 cent
• Q1 revenue $13.6B versus expectations of about $12.4B
• CEO Lip-Bu Tan: "The CPU is reinserting itself as the indispensable foundation of the AI era"