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MarketWatch First Take: New Intel CEO rips the band-aid off

Intel Corp.’s new chief executive officer Bob Swan pulled off the band-aid to reveal some of the chip giant’s issues Thursday, and now investors have to hope he can solve them and get on a better path.

Intel INTC, -1.89% reported first-quarter earnings and revenue Thursday that exceeded some estimates, even amid a steepening decline in its important data-center business. But that business and more memory-chip price declines led Swan — in his first earnings report since being named the permanent CEO — to lower Intel’s revenue guidance for the rest of the year by a whopping $2.5 billion.

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