Intel Corp. INTC, +1.41% Chief Executive Bob Swan acknowledged Wednesday that the company let investors down for lowering its outlook during its last earnings report. "We just came off our Q1 earnings call and we delivered our top and bottom line but we let you down and we let ourselves down," Swan said at the chip giant's annual investor meeting. "We lowered our guidance for the full year by $2.5 billion on the top line and 25 cents [per share] on the bottom line." Swan told investors that the company needs to earn and maintain the credibility of investors. While meeting or exceeding revenue for nine out of the past 10 quarters and 10 out of 10 times for earnings, Swan said "that does not excuse the miss we had in our outlook for the rest of the year and we'll get better on this. Our processes will get better and get sharper as we go forward." At last check, Intel shares were down 0.3% at $50.35.