Intel stock plunges 20% as chipmaker blames PC slowdown for weak guidance
The chipmaker said fourth-quarter revenue and profit will miss Wall Street estimates as client computing sales weaken and a factory blast adds costs.
- 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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130 Articles
Reformatorisch Dagblad
Intel plummeted on Wall Street on Friday after publishing quarterly earnings on Thursday. The American chip manufacturer issued a weak outlook for the current quarter, citing a slowdown in the PC market. The chip producer lost 28.6 percent.
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Intel Shares Plunge 30% in Historic Drop, Triggering Global Chip Selloff
Intel shares plunged 30% on Friday, putting the chipmaker on course for its steepest single-day decline on record as disappointing revenue guidance, weakening PC demand ... The post Intel Shares Plunge 30% in Historic Drop, Triggering Global Chip Selloff first appeared on [your]NEWS.
The semiconductor manufacturer anticipated lower revenues and gains than expected for the fourth quarter.It is due to the fall in the market for notebooks and supply problems.
Intel Shares Plunge 25 Percent After Chipmaker Issues Disastrous Forecast
Shares of Intel plunged roughly 25 percent in premarket trading Friday after the American semiconductor giant issued a sharply disappointing sales and earnings forecast, raising fresh doubts about its turnaround and warning that a severe slump in the personal computer market could persist well into next year.
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