Home > Cloud PRWire > Intel Stock Gained Almost 7% As Investors Shrugged Over the Chipmaker’s Dismal Forecast

Intel Stock Gained Almost 7% As Investors Shrugged Over the Chipmaker’s Dismal Forecast

Intel (NASDAQ:INTC)

Despite a revenue projection indicating sales slowing down towards the end of the year, Intel (NASDAQ:INTC) stock gained as much as 7% in after-hours trade on Thursday.

For the current fiscal fourth quarter, Intel (INTC) stated it expected sales of between $14B and $15B, resulting in earnings per share of 20 cents. According to these projections, Intels (INTC) revenues might drop by as much as 31% in the first quarter of 2021 compared to the fourth quarter.

From $65B to $68B, the business is now expecting revenues of $63B to $64B for the whole year.

Intel announced results for the third quarter above Wall Streets expectations, despite the companys lackluster predictions.

For the quarter that ended September 30th, Intel stock reported a profit of 59 cents per share on sales of $15.3 billion. According to previous estimates, Intel (INTC) would bring in $15.3B and make 33 cents per share. Intel (INTC) earned $1.45 per share on sales of $18.1 billion in the same quarter a year earlier.

Revenue from Intels core businesses fell from the same period a year ago, making for a poor quarter for Intel (INTC). Client computing, which comprises sales of chips and technologies for individuals and enterprises, accounted for $8.1B in revenue for Intel (INTC) in the third quarter of 2022, down 17% from the third quarter of 2021, while data center sales amounted to $4.2B, down X27%.

Intel stock CEO Pat Gelsinger released a statement saying the company has made great progress with our product and process execution despite the quarters deteriorating economic environment.

Mobileye (MBLY), a subsidiary of Intel (NASDAQ:INTC) that develops autonomous driving technology, went public on Wednesday with an initial public offering (IPO) that garnered around $861 million.

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Investors are turning their backs on the chipmaker despite a dismal prognosis, sending Intels stock up by almost 7%.

Featured Image – Megapixl (C) Wolterk

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