Intel stock fell more than 6%, or $3.46, after CEO Bob Swan said the company is "taking a more cautious view of the year" as it cut its forecast for the next quarter. On an earnings call with investors, Swan said that the company's caution comes from factors including inventory issues and weak demand in China.

In its first quarterly report card since Swan took the reins as permanent CEO in January, Intel reported revenue of about $16.1 billion and earnings per share (EPS) of $0.89 for the first three months of 2019, roughly in line with Wall Street expectations. Notably, that revenue figure is roughly flat from the same period of 2018.

At the same time, Intel gave a gloomier forecast for the next quarter and the full year, slashing its forecast revenue and earnings well below Wall Street expectations. Intel now expects to generate $69 billion in revenue for the full 2019 year, versus Wall Street analyst consensus of $71.05 billion.