Intel Shares Fall 16% as PC Weakness Pressures Fourth-Quarter Outlook

Intel’s shares fell 16% in after-hours trading after the chipmaker released quarterly results and an outlook that underscored weak PC processor demand and rising component costs. The company projected fourth-quarter revenue of $15 billion to $16 billion and adjusted earnings of 25 cents per share. Intel also forecast a gross margin of 38%, down from 43% in the third quarter, indicating less revenue left after production costs. Intel posted third-quarter revenue of $16.5 billion, up 21% from a year earlier. Its Client Computing Group, which supplies PC processors, generated $8.1 billion, a 5% decline.

Source: TokenPost