U.S. Stock Market Movement | Intel Plunges Over 29%, Returning to Levels Last Seen 11 Years Ago
Intel's stock price plummeted by over 29% to $20.55, hitting an 11-year low. The company's second-quarter performance and third-quarter guidance are both disappointing, with expected third-quarter revenue of $12.5 billion to $13.5 billion, while analysts had anticipated $14.38 billion. The company will undergo significant layoffs and suspend dividend payouts
According to Zhitong Finance, on Friday, Intel (INTC.US) stock price plummeted, hitting an 11-year low. As of the time of publication, the stock fell more than 29%, closing at $20.55. The company's second-quarter performance and third-quarter guidance both missed expectations, leading to plans for significant layoffs and suspension of dividend payments. The company's second-quarter revenue was $12.83 billion, a 1% year-on-year decrease compared to analysts' expectations of $12.95 billion, with a 9% year-on-year increase in the first quarter. Adjusted non-GAAP EPS for the second quarter was $0.02, an 85% year-on-year decrease compared to analysts' expectation of $0.10 and a profit of $0.18 in the first quarter. The company expects third-quarter revenue to be between $12.5 billion and $13.5 billion, while analysts anticipate $14.38 billion. Adjusted EPS for the third quarter is expected to be a loss of $0.03, while analysts expect EPS profit of $0.30