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.
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