Intel puts the squeeze on Q4 forecast
Somewhere in the middle
Intel today refined its fourth quarter revenue guidance, revealing that it would not likely reach the high-end of a previous forecast. This update failed to impress investors, who sent Intel's shares slightly lower in after-hours trading.
Intel now expects fourth quarter revenue of between $10.4bn and $10.6bn. That range leaves Intel enjoying a healthy quarter but not one quite as glorious as once hoped. The chipmaker had provided analysts with a previous revenue range of between $10.2bn to $10.8bn.
Shares of Intel fell close to 3 per cent in after-hours trading to $24.94 at the time of this report.
"It's going to be viewed as moderately disappointing, not necessarily a structural disappointment, but optimism had definitely become more prevalent with general semiconductor demand overall," said Cody Acree, an analyst with Stifel, Nicolaus & Co told Reuters.
Intel's fourth quarter ends on Dec. 31. ®