The semiconductor giant Intel has disappointed Wall Street with its outlook for the current quarter. The share temporarily fell by around nine percent in after-hours trading on Thursday.
The semiconductor giant Intel has disappointed Wall Street with its outlook for the current quarter. The share temporarily fell by around nine percent in after-hours trading on Thursday.
Intel forecast revenues of between $12.5 and $13.5 billion for the current quarter. Analysts on average had expected around $13.6 billion. The forecast for adjusted earnings per share also remained well below expectations.
Intel once dominated the chip industry, but then fell behind. Company boss Pat Gelsinger wants to turn things around with new production processes for more efficient chips, but he still has a lot of work to do.
In the last quarter, Intel increased sales by nine percent year-on-year to 12.7 billion dollars (11.84 billion euros), slightly missing market expectations. The bottom line was that there was a loss of $400 million after being in the red of $2.8 billion in the same quarter last year.
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Source: Stern
