Intel’s Profit and Revenue Fall, but Still Beat View; Forecast Could Miss (INTC)
Computer processor maker Intel Corporation (INTC) late Tuesday posted third quarter earnings that beat Wall Street expectations, but its fourth quarter revenue forecast was disappointing.
The Santa Clara-based company reported third quarter net income of $2.97 billion, or 58 cents per share, compared with $3.47 billion, or 65 cents per share, in the year-ago period. Excluding special items, adjusted profit was 60 cents per share.
Revenue fell 5% from last year to $13.46 billion.
On average, Wall Street analysts expected a smaller profit of 50 cents per share, on lower revenue of $13.2 billion.
Looking ahead, INTC forecast fourth quarter revenue of $13.6 billion, plus or minus $500 million. Analysts are looking for revenue of $13.7 billion for the period.
Intel shares fell 92 cents, or -4.1%, in premarket trading Wednesday.
The Bottom Line
Shares of Intel Corp (INTC) have a 4.03% dividend yield, based on last night’s closing stock price of $22.35. The stock has technical support in the $18-$20 price area. If the shares can firm up, we see overhead resistance around the $24 price level.
Intel Corporation (INTC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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