BUZZ-Intel falls as quarterly forecast disappoints

Reuters04-26

** Intel shares slump 7.4% at $32.54 premarket after the firm forecasts Q2 revenue and profit below estimates

** Stock top percentage loser among blue-chip Dow members

** Firm faces weak demand for its traditional data center and PC chips and trails in the surging AI components market

** Management is confident June quarter represents a bottom for profitability and anticipates a stronger H2, 2024 on revenue, but beyond that catalysts are few and far between in our view - TD Cowen

** Rival Advanced Micro Devices up 1.7%

** INTC shares on track for steepest monthly percentage loss since January 2008

** INTC down 30% YTD and AMD up 4.4% in the same period

(Reporting by Medha Singh)

((medha.singh@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment