logo
  

Stock Alert: Intel Declines 10%

Shares of Intel Corporation (INTC) are trading more than 10% down Friday morning despite reporting better-than-expected third-quarter results.

Intel reported adjusted earnings of $1.11 in the third quarter compared with $1.42 per share last year. On average, 33 analysts polled by Thomson Reuters were expecting earnings of $1.1.

Third-quarter revenue was down 4 percent year-over-year at $18.3 billion. The consensus estimate was for $18.22 billion.

However, "a weaker economy due to Covid-19 impacted Data Center Group's Enterprise & Government market segment, which was down 47 percent YoY following two quarters
of more than 30 percent growth," the company said.

Intel stock is currently trading at $48.18. It has been trading in the range of $43.63- $69.29 in the past 52 weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Get Access to Premium Stock Alerts with RTT Biotech Investor.
Editors Pick
PepsiCo, Inc. (PEP) has reached an agreement with private equity firm PAI Partners to sell Tropicana, Naked and other select juice brands across North America. The agreement also includes an irrevocable option to sell certain juice businesses in Europe. The combined pre-tax cash proceeds will be approximately... Drug major Eli Lilly And Co. reported Tuesday weak profit in its second quarter, despite higher revenues driven by strong volume across core business and most major geographies. Further, the company trimmed its forecast for fiscal 2021 earnings on a reported basis and margin, while maintained adjusted earnings view above market estimates. The company also tightened full-year revenue forecast. Shares of BMW Group were losing around 5 percent in German trading after the luxury automaker warned Tuesday that its second half-year is likely to be more volatile, affected by supply bottlenecks, high prices for raw materials and a shortage of semiconductors. This was despite reporting strong second-quarter results driven by solid demand.
Follow RTT