Intel (NASDAQ: INTC) shares plunged more than 8% after-hours Thursday following the company’s reported Q2 results, with EPS of $0.29 coming in worse than the consensus estimate of $0.70. Revenue declined 17% year-over-year to $15.3 billion, missing the consensus estimate of $17.96 billion.

According to Pat Gelsinger, Intel CEO, the shortfall largely reflects the sudden and rapid decline in economic activity, as well as the company’s own execution issues.

The company expects Q3/22 EPS of $0.35, compared to the consensus of $0.87, and revenue of $15-16 billion, compared to the consensus of $18.62 billion.

For the full 2022-year, the company expects EPS of $2.30, compared to the consensus of $3.42, and revenue of $65-68 billion, compared to the consensus of $74.3 billion.

By Davit Kirakosyan