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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