Computer processor maker Intel (NASDAQ:INTC) will be announcing earnings results tomorrow after the bell. Here's what to look for.

Last quarter Intel reported revenues of $15.41 billion, up 9.7% year on year, beating analyst revenue expectations by 1.5%. It was a very strong quarter for the company, with a significant improvement in its gross margin and an impressive beat of analysts' EPS estimates.

Is Intel buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Intel's revenue to grow 9.1% year on year to $12.78 billion, improving on the 36.2% year-over-year decline in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.14 per share.

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates twice over the last two years.

Looking at Intel's peers in the semiconductors segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. SMART's revenues decreased 26.7% year on year, missing analyst estimates by 0.1% and Texas Instruments reported revenue decline of 16.4% year on year, exceeding estimates by 1.4%. SMART traded down 10.5% on the results, and Texas Instruments was up 5.5%.

Read our full analysis of SMART's results here and Texas Instruments's results here.

There has been a stampede out of high valuation technology stocks and while some of the semiconductors stocks have fared somewhat better, they have not been spared, with share price declining 4.5% over the last month. Intel is down 18% during the same time, and is heading into the earnings with analyst price target of $45.2, compared to share price of $34.44.

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