Despite higher-than-expected figures, Intel stock price fell
Intel – the largest American semiconductor company, posted its Q3 earnings. Wall Street’s reaction was surprising.
For Q3, Intel reported earnings per share of $1.11 and $18.33 billion in revenue. The figures came above what the market had expected – an EPS of $1.1 on revenue of $18.22 billion.
Its quarterly gross margin figures came in at 54.8%, missing the 56.8% consensus. Also, it is lower than last year’s 60.4%.
The revenues for Q4 are forecasted to be $17.4 billion, with an EPS of $1.10. The market consensus is for $17.34 billion in revenues, with earnings of $1.06 per share.
Intel expects the revenue to grow 5% to $75.3 billion for the full year, while the EPS could reach $4.90.
The Q3 figures came a few days after Intel announced that it is in talks with SK Hynix to sell its NAND business for $9 billion.
Following the report, Intel stock price fell 10%.
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Sources: investing.com, techcrunch.com