Intel Shares Plunge 28.58% as Fourth-Quarter Outlook Misses Estimates
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Intel shares fell 28.58% to $65.76 at the 4 p.m. ET (20:00 UTC) close Friday, Oct. 30, after its fourth-quarter forecast missed analyst expectations and the company flagged further strain on PC demand and production. Intel projected revenue of $15 billion to $16 billion and non-GAAP earnings of $0.25 per share for the quarter. Analyst estimates were $17.07 billion and $0.43 per share. The outlook overshadowed third-quarter revenue of $16.5 billion, up 21% from a year earlier, and non-GAAP earnings per share of $0.52, a 126% increase.
Source: TokenPost
