What happened Shares of Intel (NASDAQ: INTC) fell 5.3% on Friday, following the semiconductor giant's second-quarter earnings release and conference call. So what Intel's revenue was flat year over year at $19.6 billion, while its adjusted earnings per share rose 12% to $1.14. That was well above Wall Street's expectations, which had called for EPS of only $1.06. "There's never been a more exciting time to be in the semiconductor industry," CEO Pat Gelsinger said in a press release. "The digitization of everything continues to accelerate, creating a vast growth opportunity for us and our customers across core and emerging business areas." Intel's stock price pulled back on Friday. Image source: Getty Images. However, investors appeared to focus more on Intel's warning that the global chip shortage could persist into 2023. Now what Although strong demand for semiconductors and industrywide manufacturing bottlenecks are helping to preserve chipmakers' margins, they are also weighing on Intel's sales. "We remain in a highly constrained environment where we are unable to fully supply customer demand," CFO George Davis said during a conference call with analysts. Moreover, the situation is likely to get worse in the coming months before it begins to improve. "While I expect the shortages to bottom out in the second half, it will take another one to two years before the industry is able to completely catch up with demand," Gelsinger said. 10 stocks we like better than IntelWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Intel wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool recommends Intel and recommends the following options: long January 2023 $57.50 calls on Intel and short January 2023 $57.50 puts on Intel. The Motley Fool has a disclosure policy.Source