Chip company: Intel stock plummets after forecast disappointment
The chip giant Intel seemed to be on the road to recovery after a long dry spell. But now high memory prices are causing fewer computers to be bought - and Intel is suffering from it.
Intel's value plummeted by over a fifth after the company's business forecast disappointed the stock market. The tech giant attributed the downturn to a surge in memory prices, resulting in fewer PC sales, and supply chain issues with chips for data centers. Intel predicted a revenue of $15-16 billion for the current quarter, falling short of analysts' expectations of $17 billion, and a adjusted earnings per share of 25 cents, compared to the expected 43 cents. The company's stock plummeted by around 22 percent in after-hours US trading.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
