First quarter results beat estimates and company raised the full-year outlook. Revenue was flat on the year at 19.7B. EPS was $1.39, $0.25 above estimates. The data center business posted a double-digit percentage decline. We still belive this stock is a choice for the years ahead and offer an interesting appeal for a 3 years investment horizon. Semiconductors are highly complex products to design and manufacture. No other industry has the same high level of investment in both R&D (22% of annual semiconductor sales to electronic device makers) and capital expenditure 26%). Here an interesting report from the Semiconductor Industry Association (SIA), that is the voice of the semiconductor industry in the US.
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