Intel’s Stock Plummets Amid Chipmaker’s Disappointing Q2 Projections

Intel, a chipmaking giant, exceeded Wall Street’s expectations for the first quarter but gave guidance below estimates for the current quarter. As a result, Intel’s stock dropped in after-hours trading. The company, based in Santa Clara, California, reported earnings of 18 cents per share on sales of $12.72 billion for the March quarter, surpassing the forecasted earnings of 14 cents per share on sales of $12.8 billion by analysts. In the same period last year, Intel had a loss of 4 cents per share on sales of $11.72 billion. The stock closed at 35.11 during the regular trading session but fell 7% to 32.65 in after-hours trading.

In a similar pattern, other semiconductor companies also reported their first-quarter results. STMicroelectronics missed analyst estimates and provided low guidance for the current quarter due to a slowdown in automotive and industrial chip markets. Mobileye Global delivered mixed Q1 results with guidance in line with sales estimates for the full year ahead. Intel stock ranks No. 16 out of 33 stocks in IBD’s semiconductor manufacturing industry group with a Composite Rating of 38 out of 99.

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