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Intel Shares Tumble As Pandemic Hits Results

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Key Points

  • Computer chipmaker Intel saw shares slide Thursday after reporting weak sales for its data center and internet of things operations that overshadowed improvement in the personal computer market.
  • Third-quarter profits slipped 29 percent to $4.3 billion, and revenue declined four percent to $18.3 billion.
  • Intel benefited from strong PC sales during the pandemic but saw weakness in its enterprise and memory business, along with sales of connected devices.
  • Visit The Financial Today’s homepage for more stories.

SAN FRANCISCO — Computer chipmaker Intel saw shares slide Thursday after reporting weak sales for its data center and internet of things operations that overshadowed improvement in the personal computer market.

Third-quarter profits slipped 29 percent to $4.3 billion, and revenue declined four percent to $18.3 billion.

Intel shares plunged some 10 percent in after-hours trade on the news.

The quarterly results “exceeded our expectations despite pandemic-related impacts in significant portions of the business,” said chief executive Bob Swan.

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