Intel shares fall after weak fourth-quarter forecast on PC market softness
Overview
Intel forecast fourth-quarter adjusted earnings of 25 cents per share on revenue of $15 billion to $16 billion, below analysts' expectations of 43 cents and $17.1 billion, according to LSEG. Intel shares fell in extended trading after the forecast, with CNBC reporting a drop of 16%.
Intel blamed continued softness in the global PC market. Client computing revenue fell 5% to $8.1 billion in the third quarter, while data center and AI revenue rose 78% to $7.3 billion. Finance chief David Zinsner said he expects the PC slowdown to continue through at least the first half of next year.
Written by AI from the articles below · updated Oct 29, 5:08 PM ET
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- CNBC · TechnologyNewsIntel stock falls 16% after weak fourth-quarter forecast on PC slowdown
AIIntel shares fell in extended trading after the chipmaker forecast fourth-quarter adjusted EPS of 25 cents on revenue of $15 billion to $16 billion, below analysts' expectations of 43 cents and $17.1 billion. Intel blamed continued softness in the global PC market, where client computing revenue fell 5% to $8.1 billion in the third quarter, while data center and AI revenue rose 78% to $7.3 billion. Finance chief David Zinsner said he expects the PC slowdown to continue through at least the first half of next year.
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