Intel's Stocks Slide Amid Uninspiring Financial Forecast

Published 14 days agoINTC

Intel's Stocks Slide Amid Uninspiring Financial Forecast

Intel shares have experienced a sharp decline following the company's underwhelming quarterly forecast. The stock fell more than 5% in after-hours trading on Thursday and continued its descent by almost 4% on Friday in Frankfurt. This decline is tied to Intel's projected second-quarter revenue of between $11.2 billion and $12.4 billion, figures which failed to meet market expectations.

Despite the disappointing forecast, Intel reported a first-quarter revenue of $12.67 billion, slightly ahead of analyst predictions. The company's adjusted net income stood at $580 million, or 13 cents per share, surpassing Wall Street's estimates. Additionally, Intel's foundry division, which produces chips for other companies, posted robust revenue of $4.7 billion, exceeding forecasts. However, Intel has cited macroeconomic uncertainty as a significant factor impacting its outlook, affecting the broader industry, as explained by CFO David Zinsner.

CEO Lip-Bu Tan noted that while the first quarter offered some positive results, the company faces ongoing challenges. Tan emphasized there are no quick solutions to regaining market share and achieving steady growth. To address these challenges, Intel is focusing on enhancing operational efficiency and product competitiveness, aiming to stabilize and eventually grow its market presence despite the current financial hurdles.

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