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Intel Shares Fall Around 28% After Fourth-Quarter Forecast Misses Expectations

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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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Latest development10/31 05:54 (UTC+8)
Intel stock plunges around 28%, wiping $12 billion from government’s stakeTechCrunch · AI

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10/31
  1. TechCrunch · AI
    Intel stock plunges around 28%, wiping $12 billion from government’s stake

    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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