Intel shares fall after company provides weak forecast for the current quarter
Publishing timestamp: 2024-04-25 19:52:45
Summary
Intel reported first-quarter earnings that beat expectations for earnings per share but fell short in sales. The company gave a weak forecast for the current quarter, causing the stock to fall 8% in extended trading. CEO Pat Gelsinger emphasized the company's long-term potential, but the Intel Foundry unit reported a $2.5 billion operating loss. Intel's biggest business remains chips for PCs and laptops, with sales totaling $7.5 billion, up 31% from the previous year. Intel also makes central processors for servers, with sales rising 5% to $3 billion, as it competes against companies like Nvidia in the AI chip market.
Sentiment: NEGATIVE
Tickers: INTC,
Keywords: business, pat gelsinger, intel corp, business news, dividends, technology, mobile, breaking news: technology, earnings,
Source: https://www.cnbc.com/2024/04/25/intel-intc-earnings-report-q1-2024.html