Intel stock plunges around 28%, wiping $12 billion from government’s stake
Intel’s stock crashes, knocking $12B from government’s stake
- Who
- Intel
- What
- reported a weaker-than-expected fourth-quarter outlook
- When
- Quote
Intel’s stock suffered one of its worst days ever on Friday, crashing around 28% after the chip giant reported a weaker-than-expected outlook for the fourth quarter.
What happened
Intel’s stock fell around 28% on Friday after a weaker-than-expected fourth-quarter outlook, cutting the value of the government’s stake by $12 billion, CNBC reported. Intel forecast revenue of $15 billion to $16 billion against analysts’ expectations of around $17 billion. The company said rising memory prices and component constraints were pressuring PC sales, while data center revenue grew 78% from the year-ago quarter.
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See the full storyIntel Shares Fall Around 28% After Fourth-Quarter Forecast Misses ExpectationsThe story so far
Intel’s stock fell around 28% after the company issued a weaker-than-expected fourth-quarter outlook, wiping $12 billion from the value of the government’s stake, CNBC reported. Intel forecast revenue of $15 billion to $16 billion, compared with analysts’ expectations of around $17 billion. Intel said rising memory prices and component constraints were pressuring PC sales, even as its data center revenue grew 78% from the year-earlier quarter. The company also forecast that its gross profit margin would fall to 37% from 43% and said heavy investment would leave it without positive cash flow.
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