Shares of Intel Corporation (NASDAQ: INTC) are plummeting after hours after reporting disappointing third quarter results.
The semiconductor manufacturer dropped nearly 4 percent after the bell despite delivering earnings beat of $0.80 per share vs. the consensus $0.72 estimate.
Revenue came in at $15.8 billion, representing a 9 percent year-over-year increase. Intel saw record revenues in its Data Center Group and Internet of Things Segment.
Key Business Segment Revenues
- Client Computing Group- $8.9 billion - up 21 percent sequentially, five percent year-over-year
- Data Center Group-$4.5 billion – up 13 percent sequentially, 10 percent year-over-year
- Internet of Things-$689 billion – up 20 percent sequentially, 19 percent year-over-year
"It was an outstanding quarter, and we set a number of new records across the business," said CEO Brian Krzanich.
Intel is up about 9.6 percent year-to-date. The stock trade down about 4 percent to $36.23 in the after-hours session.
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