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Intel stock plunges 20% as chipmaker blames PC slowdown for weak guidance
Intel’s third-quarter revenue topped estimates, but the company forecast $15 billion to $16 billion for the current quarter, below analyst expectations.
- On Thursday, Intel shares plunged after the chipmaker issued a weak fourth-quarter forecast, citing persistent softness in the global PC market. The company expects revenue between $15 billion and $16 billion.
- While Intel reported third-quarter revenue of $16.51 billion, climbing 21% from $13.7 billion a year earlier, results missed analyst projections of $17.1 billion from LSEG. Earnings per share reached 52 cents, exceeding the expected 40 cents.
- Revenue in Intel's client computing and physical AI group fell 5% to $8.1 billion, missing estimates. Data center and AI revenue jumped 78% to $7.3 billion, underscoring the company's shift toward high-growth infrastructure.
- Intel CEO Lip-Bu Tan noted "robust demand for CPUs" despite near-term headwinds. Finance chief David Zinsner expects the PC slowdown to continue through the first half of next year.
- Expanding its foundry business, Intel recently installed the first structural truss at its Ohio chip fab. Oracle announced an expanded deal to deploy the chipmaker's next-generation Xeon server processors, bolstering data center capacity.
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21 Articles
Intel Stock Plummets 16% On Weaker-Than-Expected Sales Forecast
·Jersey City, United States
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The chip giant Intel seemed to be on the way to recovery after a long stretch of thirst. But now high storage prices ensure that fewer computers are bought - and Intel suffers from it.
Intel shares sink as memory shortage drags its PC chip outlook
Intel forecast fourth-quarter revenue of $15B to $16B, below the $17B analysts expected, as a memory chip shortage hits PC demand and supply problems slow its data centre unit. Shares fell more than 20% in late trading. Third-quarter revenue rose 21% to $16.5B. Intel shares fell more than 20% in late trading on Thursday after […] This story continues at The Next Web
·Amsterdam, Netherlands (Kingdom of the)
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Coverage Details
Total News Sources21
Leaning Left4Leaning Right1Center6Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 36%
C 55%
Factuality
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