Intel has a spotty history of topping expectations, Q1 saw a $0.13 EPS beat versus a $0.01 forecast and revenue of $12.67 billion outpacing the $12.30 billion consensus. Ahead of the report, Stifel's Ruben Roy kept a Hold rating but lifted his price target from $21 to $24.

Intel's restructuring efforts focus on AI and core engineering. Short-term challenges persist, but a potential turnaround may emerge within 1-2 years. See more on INTC here.