Why Intel Shares Crashed Today
Shares of Intel (NASDAQ: INTC) had a tough Friday morning. The semiconductor giant's stock traded 8% lower at 10:50 a.m. EST, despite a strong earnings report on Thursday evening.
In the fourth quarter of 2020, Intel saw revenue fall 1% year over year to $20 billion. Adjusted earnings held steady at $1.52 per diluted share. Intel's guidance for this period had pointed to earnings near $1.10 per share on top-line sales in the neighborhood of $17.3 billion. Your average analyst would have settled for earnings of $1.10 per share with a slightly higher revenue target of $17.5 billion.
Intel's management expects first-quarter earnings of roughly $1.10 per share, down from $1.45 per share in the year-ago period. Adjusted revenue should land near $17.5 billion, 12% below the year-ago reading. Here, analysts had sketched out their targets at $0.93 per share and $16.1 billion, respectively.
Source Fool.com
