Intel shares fall after revenue forecast misses estimates
AI · First reported 29 Oct, 20:22 · Updated 00:36
Intel forecast fourth-quarter revenue below analysts’ expectations, citing weaker PC demand and supply constraints affecting its data centre business. Its third-quarter revenue and data centre and AI sales increased, while PC chip sales declined.
- Intel forecast fourth-quarter revenue of $15 billion to $16 billion, compared with analysts’ average expectation of $17 billion; its adjusted earnings forecast was also below estimates.
- The company said memory chip shortages were weighing on PC demand, while supply problems affected its data centre business.
- Third-quarter revenue rose 21% to $16.5 billion; data centre and AI sales increased 78% to $7.3 billion, while PC chip sales fell 5% to $8.1 billion.
Summary written by Lux AI from 2 articles
Key facts
- Fourth-quarter revenue forecast
- $15 billion to $16 billion; analysts expected $17 billion on average.
- Adjusted earnings forecast
- 25 cents per share, compared with estimates of 43 cents.
- Third-quarter revenue
- $16.5 billion, up 21%.
- Late-trading share move
- Shares fell more than 20%.
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- What Intel's CEO Had to Say About Forecast, Demand29 Oct, 20:28
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