Home > Cloud PRWire > Intel Stock up as to Release Its Financial Results Amid PC Instability and the Mobileye IPO

Intel Stock up as to Release Its Financial Results Amid PC Instability and the Mobileye IPO

Intel stock was trading at $27.26 in pre-Market: 09:05 AM EDT

After the market closes on Thursday, Intel (NASDAQ:INTC) is scheduled to release its fiscal third-quarter results. For the largest semiconductor manufacturer in the world, the report comes at a favorable time.

For the quarter that ended in September, Wall Street analysts predict that Intel (NASDAQ:INTC) will make 33 cents a share on $15.3 billion in revenue. Intel (NASDAQ:INTC), which reported $19.2 billion in revenue, earned $1.71 per share during the same period last year.

According to reports, Chief Executive Pat Gelsinger informed Intel (NASDAQ:INTC) staff members last week that layoffs are imminent. This week earlier, HSBC analyst Edward Lee stated that Intel (NASDAQ:INTC) is the tech powerhouse who lost its way in recent years and began his coverage of the business with a very diplomatic-sounding decrease rating.

Then there is Mobileye (NASDAQ:MBLY), a self-driving technology company owned by Intel (NASDAQ:INTC), which went public on Wednesday with an IPO valued at roughly $17 billion. As Mobileye (MBLY) went public, its stock shot up more than 30%, despite Gelsingers claim that the IPO wasnt done to raise money but rather to maximize the companys potential.

Intel stock price forecast

The price of Intel (NASDAQ:INTC) stock is also just a little bit above the October 13 low of $24.59 a share, which is a 52-week low. Investors are eagerly awaiting Intels results, which are scheduled to be released after regular trade on Thursday. Intel is struggling on numerous fronts, from declining PC demand to a weakening economy and fiercer competition.

Intel has already recovered from a difficult time. The business released financial figures for the June quarter in July that were drastically below Wall Street forecasts. At the time, it also gave a dismal sales prognosis for the following quarter and drastically cut its revenue projection for the entire year.

On Wednesday, Intel stock lost 47% of its value so far this year. The iShares Semiconductor ETF (NASDAQ:SOXX), which tracks the performance of the ICE Semiconductor Index, has decreased 40% over the same time period, therefore, it has performed worse than chip producers as a whole. Intel Stock Rises Alongside Other Semiconductors Rivals Hoping To Close The Week Higher On Q3 Earnings Release

Featured Image – Megapixl (C) Wolterk

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.