Intel's Weak Guidance Sends Shares Plunging 28% and Shrinks Government Stake
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Intel issued its fourth-quarter outlook, warning that revenue will be $15 billion to $16 billion, below analysts' expectations of about $17 billion; gross margin is expected to fall from 43% to 37%, and due to large-scale investments, no positive cash flow is expected. After the weaker-than-expected outlook, Intel's shares plunged about 28% in a single day. As a result, the 10% Intel stake the U.S. government bought a year ago lost $12 billion in value.
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- TechCrunch · AIIntel’s stock crashes, knocking $12B from government’s stake
Intel shares plunged about 28% in a single day after a weaker-than-expected fourth-quarter outlook, shrinking the value of the 10% stake the US government bought a year ago by $12 billion. Intel warned Q4 revenue will be $15 billion to $16 billion, below analysts' expectations of about $17 billion, gross margin will fall from 43% to 37%, and no positive cash flow is expected due to massive investments.
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