Intel Withdraws 2020 Forecast on ‘Significant’ Uncertainty [Yahoo! Finance News]
Intel Corporation (INTC)
Last intel corporation earnings: 4/23 04:07 pm
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Source: Yahoo! Finance News
) -- Intel Corp. withdrew its full-year sales forecast, citing “significant economic uncertainty” caused by the Covid-19 pandemic. The company’s shares fell more than 5% in late trading.The world’s largest semiconductor maker reported a 23% jump in first-quarter revenue and better-than-projected profit, bolstered by demand for chips that run the laptops and server machines companies need to keep people working from home. Though it gave an optimistic second-quarter sales target, Intel’s profit outlook fell short of estimates, sparking concerns that a spending slowdown will drag on business for the rest of 2020.Sales in the current period will be about $18.5 billion, the Santa Clara, California-based company said in a statement Thursday. Analysts estimated $18.08 billion on average, according to data compiled by . Net income will be about $1.04 a share, compared with Wall Street expectations of $1.11.“Investors were caught off guard” by the profit forecast, Logan Purk, an analyst at Edw
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