Intel Shares Drop 20% Following Weak Q4 Guidance and PC Market Slowdown
Intel (INTC) shares plummeted in extended trading after the company issued a fourth-quarter revenue forecast of $15 billion to $16 billion, significantly missing analyst expectations of $17.1 billion. Despite reporting third-quarter earnings per share of 52 cents—beating the 40 cents expected—the company's outlook was dampened by ongoing softness in the global PC market. While Intel saw a massive 78% surge in data center and AI revenue, this was offset by a 5% decline in its client computing and physical AI group. Finance chief David Zinsner warned that the PC slowdown is expected to persist through at least the first half of next year. The stock's recent volatility reflects broader market concerns regarding the pace of the artificial intelligence buildout and the performance of Intel's foundry business.
Topics: earnings report financial guidance PC market slowdown semiconductor industry
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