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Intel Shares Drop 10% on Weak Guidance
Jan 26, 2024 3:58 PM - Davit Kirakosyan
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Intel’s (NASDAQ:INTC) announcement on Thursday of its weaker-than-expected guidance for the current quarter overshadowed its fourth-quarter earnings, which exceeded Wall Street's expectations for both revenue and earnings. Shares of Intel dropped by more than 10% pre-market today following the announcement.
For the fourth quarter, Intel reported adjusted earnings per share (EPS) of $0.54 and revenue of $15.4 billion. This surpassed the forecasts by analysts, who had expected an EPS of $0.45 and revenue of $15.16 billion.
However, the outlook for the first quarter presented a different picture. Intel anticipates an adjusted EPS of $0.13 on revenue ranging between $12.2 billion and $13.2 billion for Q1. These projections fall short of analyst estimates, which were set at an EPS of $0.35 on revenue of $14.31 billion.
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