Why Intel Stock Tanked on Friday
Shares of Intel (NASDAQ: INTC) were down 10.5% as of 9:44 a.m. ET on Friday after the chipmaker delivered disappointing earnings results following the market close on Thursday.
The stock has fallen 30% year to date and has significantly lagged the return of the S&P 500 index due to competitive pressures. The company is now dealing with soft economic activity, which doubles the blow.
Revenue fell 22% versus the year-ago quarter, which hit the bottom line hard, as non-GAAP earnings per share plunged 79%. CEO Pat Gelsinger cited "the sudden and rapid decline in economic activity" as the biggest factor leading to the weak performance, along with execution issues.
Source Fool.com
