Intel Plunged 11% on Friday: Here's Why
Tech giant Intel INTC reported Q3 earnings on this week. Despite beating estimates on both the top and bottom line, its overall business is actually starting to slow down, and investors became spooked. INTC closed down nearly 11% to $48.20 per share.
Revenue fell 4% year-over-year for the quarter, GAAP profits per share slipped 25%, and gross profit margins decreased 570 basis points. CEO George Davis said that the PCs that raked in the highest sales were “in the consumer and education markets,” which are “more entry-level,” or lower margin.
Intel is still optimistic about fiscal 2020 and raised guidance. It now expects sales of $75.3B and GAAP earnings of $4.55 per share.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Intel Corporation (INTC) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
