Intel missed Wall Street earnings estimates by a wide margin and cut its outlook for the year, acknowledging a slowing market as well as execution issues.
Intel Corp. shares plunged in the extended session Thursday after the chip maker missed Wall Street estimates by a wide margin and cut its outlook for the year, acknowledging a slowing market as well as execution issues.
For the year, Wall Street estimates earnings of $3.34 a share on revenue of $74.46 billion. Last quarter, Intel had doubled down on an optimistic outlook for the year of about $3.60 a share on revenue of about $76 billion with gross margins of 52%, which had placed an enormous pressure to deliver in the second half of the year.“The market turbulence and update outlook is disappointing,” Zinsner said on the call.
In-depth: Are chip stocks set up for a short squeeze, or just more declines? Wall Street doesn’t seem sure Shares immediately dropped more than 10% after hours, but were down about 7% at last check, as the company’s call with analysts kicked off. Shares finished the day with a 1.2% decline in the regular session to close at $39.71.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Old Wall Street Journal report about corruption in Malaysia recirculates onlineMultiple Facebook posts have shared a screenshot of an article that states 'according to the Wall Street Journal, Malaysia is the most corrupt country in the world for doing business in 2022.' The screenshot includes a ranking chart credited to the American newspaper and Transparency International, a corruption watchdog. However, the claim is false; the Wall Street Journal's report was actually published in 2012. The survey featured in the report has been discontinued, the international corruption watchdog told AFP.
Read more »
Walmart Profit Warning Ripples Across Wall Street and RetailRetailers are on watch now that one of the industry’s biggest players is feeling the pinch of higher prices.
Read more »
Wall Street banks raise prime lending rate after Fed's sharp hikeWall Street banks JPMorgan Chase & Co , Citigroup and Wells Fargo said on Wednesday they had raised their prime lending rates by 75 basis points to 5.5%, effective Thursday.
Read more »
Comcast Beats Wall Street Q2 Estimates But Peacock Premium Subscriber Levels Flat At 13MComcast beat Wall Street analysts’ estimates for the second quarter, delivering total revenue of $30 billion and earnings per share of $1.01. The targets were $29.75 billion and 92 cents, res…
Read more »
Wall Street drops as shrinking economy brings recession closerU.S. stock indexes fell on Thursday weighed down by gloomy forecasts from Meta and Qualcomm, while an early reading showed the U.S. economy contracted again in the second quarter adding to fears the economy was already in recession.
Read more »