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Intel plunges 20% as weak Q4 forecast overshadows earnings beat
Investing.com — Intel (NASDAQ: INTC) shares plunged 20% Thursday after the chipmaker forecast fourth-quarter earnings and revenue well below Wall Street expectations, overshadowing a stronger-than-expected third-quarter profit and surging demand for data-center processors.
Intel reported third-quarter adjusted earnings of $0.52 per share, beating analyst estimates of $0.40. Revenue rose 21% year over year to $16.5 billion, slightly above consensus of $16.48 billion.
The outlook was considerably weaker. Intel forecast fourth-quarter revenue of $15 billion to $16 billion, below analyst expectations of $17.08 billion. At the midpoint, the range implies a shortfall of about 9%. Adjusted earnings are expected to reach $0.25 per share, compared with consensus of $0.44.
The guidance comes as Intel faces contrasting trends across its businesses, with strong demand for server CPUs helping offset weakness in the PC market.
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