Intel used to dominate the U.S. chip industry. Now it’s struggling to stay relevant [from CNBC]

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Intel’s long-awaited turnaround looks farther away than ever after the company reported dismal first-quarter earnings. Investors pushed the shares down 9% on Friday to their lowest level of the year.

Although Intel’s revenue is no longer shrinking and the company remains the biggest maker of processors that power PCs and laptops, sales in the first quarter trailed estimates. Intel also gave a soft forecast for the second quarter, suggesting weak demand.

It was a tough showing for CEO Pat Gelsinger, who’s early in his fourth year at the helm.

Read more: Intel used to dominate the U.S. chip industry. Now it’s struggling to stay relevant