Intel earnings beat analysts expectations but the company's dour outlook overshadowed the report.

The chipmaker reported fourth-quarter earnings of $2.7 billion or 63 cents per diluted share, beating analyst expectations. The company's revenue grew to $15.4 billion helped by a $291 million showing by the Foundry and Data Center businesses.

However, stocks fell 6% in after-market trading on a forecast of first-quarter revenue of $12.2 bil🅷lion to $13.2 billion.

"In 2024, we remain relentlessly focused on achieving process and product leadership, continuing to build our external foundry business and at-scale global manufacturing, and executing our mission to bring AI everywhere as we drive long-term value for stakeholders," said Intel CEO Pat Gelsinger in a prepared statement

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Intel has benefited from the surge in interest in AI. Along with competitors Nvidia (NVDA) and Advanced Micro Devices (AMD), Intel has seen its stock soar over the last year. Bank of America expec🥀ts the semiconductor industry to continue its explosive growth in the next year.

In the fourth quarter, the company released its Intel Core Ultra processors designed to allow PC users to run AI workloads.