Intel shares drop on weak quarterly results and expectations for another quarter of losses - CNBC
Intel shares slid by as much as 9% in extended trading on Thursday after the chipmaker issued fourth-quarter results that failed to meet analysts' estimates and gave a weaker-than-expected forecast.
Intel declined to provide a full-year forecast because of "the uncertainty in the current environment," CEO Pat Gelsinger said on a conference call with analysts.During the quarter, Mobileye, an autonomous driving hardware and software supplier that Intel acquired for $15.3 billion in 2017, debuted on the Nasdaq.Amazon and Microsoft have made similar accounting adjustments for their server and networking equipment in recent years, and IBM on Wednesday followed suit.Intel failed to meet estimates for the fourth quarter because of a steeper-than-expected falloff in PC chip sales.The company's revenue declined for a fourth period in a row as the PC market recedes after expanding in the Covid pandemic.