Intel plunges 24% in overnight trading as Q4 revenue guidance misses

Intel (INTC.US) plunged more than 24% in overnight trading to $69.94.

The company guided to fourth-quarter revenue of $15.0 billion to $16.0 billion, below the analyst consensus of $17.05 billion; adjusted earnings per share guidance came in at $0.25, also missing the $0.43 estimate. Management said weak PC demand and supply chain issues will continue to weigh on results. Despite third-quarter revenue rising 21% year-over-year to $16.513 billion and data center revenue surging 78%, the soft Q4 outlook triggered the selloff.

On a recent developments front, Intel's CFO said on the earnings call that equipment spending increased significantly this quarter and is expected to rise even more next quarter, noting that positive free cash flow may not materialize next year. Separately, the company completed a $23.0 billion equity offering and announced the acquisition of Classiq to expand into quantum computing.

Based on public media reports. AI-generated; not investment advice.