Intel Shares Plunge 28.6% as PC Weakness Raises Foundry Concerns

Intel shares plunged 28.6% Friday, closing at $65.76, after the chipmaker’s fourth-quarter outlook fell short of expectations and intensified concerns about PC demand and foundry execution. Intel forecast fourth-quarter revenue of $15 billion to $16 billion and adjusted earnings of 25 cents per share. Analysts had expected $17.1 billion in revenue and 43 cents per share. Intel’s third-quarter results beat expectations, but the weaker outlook weighed on the stock. CFO David Zinsner projected client-computing revenue, which includes PCs, would decline more than 20% sequentially in the fourth quarter as computer makers work through inventory.

Source: TokenPost