Intel stock drops 8% on disappointing outlook
Intel Corp. shares plummeted as much as 9% in the extended session Thursday after the chip giant’s outlook fell way below Wall Street estimates offsetting an earnings beat.
“Looking ahead, we’re taking a more cautious view of the year, although we expect market conditions to improve in the second half,” Intel Chief Executive Bob Swan said in a statement. “Our team is focused on expanding our market opportunity, accelerating our innovation and improving execution while evolving our culture.”
Intel shares dropped about 9% in immediate after-hours trades, following a 1.9% decline to close the regular session at $57.61. In comparison, the PHLX Semiconductor Index SOX, -1.81% finished down 1.8%, the Dow Jones Industrial Average DJIA, -0.51% declined 0.5%, the S&P 500 index SPX, -0.04% fell less than 0.1%, and the Nasdaq Composite Index COMP, +0.21% rose 0.2%.
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