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Intel shares plunge 29%
Intel shares fell more than 28% in U.S. trading on October 30, despite third-quarter results beating Wall Street estimates, after its fourth-quarter outlook disappointed: revenue of $15 billion to $16 billion, versus expectations of $17.08 billion, and a gross margin of 38%. Adjusted earnings came to $0.52 per share, while revenue rose 21% to $16.5 billion. Data center and AI revenue increased 78% to $7.3 billion, while PC sales fell 5% to $8.1 billion. CFO David Zinsner said weakness in the PC market would persist through at least the first half of next year, as investors watch to see whether Intel’s chip manufacturing business can attract outside customers.
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