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Chipmaker Intel (INTC) late Thursday beat lowered expectations for the third quarter however slashed its outlook for the fourth quarter. Intel inventory rose in prolonged buying and selling.
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The Santa Clara, Calif.-based firm earned an adjusted 59 cents a share on gross sales of $15.34 billion within the September quarter. Analysts polled by FactSet had anticipated Intel earnings of 34 cents a share on gross sales of $15.31 billion. On a year-over-year foundation, Intel earnings fell 59% whereas gross sales declined 20%.
Intel’s PC chip gross sales dropped 17% to $8.1 billion within the third quarter. Its knowledge heart chip gross sales sank 27% to $4.2 billion. Nonetheless, its community merchandise unit noticed gross sales rise 14% to $2.3 billion.
For the present quarter, Intel forecasts adjusted earnings of 20 cents a share on gross sales of $14.5 billion. Wall Avenue had predicted Intel earnings of 70 cents a share on gross sales of $16.3 billion within the fourth quarter.
Intel Inventory Rises After Report
In after-hours buying and selling on the inventory market at present, Intel inventory jumped 4.2% to 27.36. Through the common session Thursday, Intel inventory fell 3.5% to shut at 26.27.
“Regardless of the worsening financial situations, we delivered strong outcomes and made vital progress with our product and course of execution in the course of the quarter,” Chief Government Pat Gelsinger stated in a information launch.
INTC Inventory Has Low Relative Energy Ranking
In July, Intel inventory plummeted after the corporate badly missed expectations for the second quarter and minimize its outlook for the complete 12 months.
Intel inventory ranks No. 21 out of 33 shares in IBD’s semiconductor manufacturing trade group, in line with IBD Inventory Checkup. It has a poor IBD Composite Ranking of 15 out of 99.
Additional, Intel inventory has an IBD Relative Energy Ranking of 12 out of 99. That places it within the backside 12% of shares for efficiency over the previous 12 months.
Observe Patrick Seitz on Twitter at @IBD_PSeitz for extra tales on client expertise, software program and semiconductor shares.
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