In a way, Intel just reported its best quarter in years. But given the harsh realities the chip maker faces, that’s no longer enough.

Strong PC shipments by manufacturers looking to get ahead of tariffs helped drive Intel’s second-quarter revenue to nearly $12.9 billion, about 8% higher than Wall Street’s estimates. That was the largest such beat in more than four years, according to data from FactSet.

But Intel’s shares still slid 9% Friday morning. That is because Intel used its earnings report to send a rather candid message about the slow-going turnaround of its manufacturing operations.