Intel's Dismal Earnings Report
Earnings Miss and Weak Guidance Send Stock Plunging
Chip industry giant Intel Corporation (INTC) reported disappointing second-quarter financial results after the market closed on Thursday, sending its stock plummeting in after-hours trading. The company missed analyst estimates on both revenue and earnings, casting a shadow over the semiconductor sector.
Key Takeaways
- Intel's revenue fell 22% year-over-year, missing consensus estimates.
- Earnings per share came in significantly below expectations, declining by over 50%.
- Guidance for the current quarter and full year fell short of market expectations, indicating continued challenges ahead.
The news follows a string of disappointing earnings reports from other major technology companies, including Apple, Alphabet, and Microsoft. Investors are now bracing for a tough earnings season amid growing concerns about a potential economic slowdown.
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