Intel (INTC) Stock Sinks 7% as Q3 Revenue Misses, Guidance Disappoints and CFO Exits
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Intel (NASDAQ: INTC) shares were trading more than 7% lower after-hours Thursday following the company’s Q3 results, with better-than-expected EPS, but missed revenue and fourth-quarter guidance.
The company delivered quarterly EPS of $1.71 (vs. Street’s $1.11) and revenue of $18.1 billion (vs. Street’s $18.24 billion).
Q3 revenue was driven by a strong recovery in the Enterprise portion of Data Center Group (DCG) and in the Internet of Things Group (IOTG), while the Client Computing Group (CCG) was down on to lower notebook volumes affected by industry-wide component shortages, and on lower adjacent revenue, partially offset by higher average selling prices and strength in desktop.
The company provided its Q4 outlook, expecting an EPS of $0.90 (vs. Street’s $1.01) and a revenue of $18.3 billion (vs. Street’s $18.25 billion).
Intel also announced that CFO George Davis announced plans to retire in May 2022.
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