What's Going On With Intel Shares Today?

Intel Corporation INTC shares are trading lower by 11.56% to $35.12 Friday morning after the company reported worse-than-expected second-quarter EPS and sales results. The company also issued third-quarter and FY22 EPS and sales guidance below analyst estimates.

What Happened?

Intel reported quarterly earnings of 29 cents per share which missed the analyst consensus estimate of 69 cents. The company also reported quarterly sales of $15.30 billion which missed the analyst consensus estimate of $17.92 billion by 15%. This sales figure represents a marked 22% decrease over sales of $19.63 billion in the same period last year.

Intel is guiding for third-quarter revenue coming in a range of $15 billion to $16 billion versus a Street estimate of $18.62 billion. The company is guiding for third-quarter earnings per share of 35 cents versus a Street estimate of 87 cents per share. Intel also sees full-year revenue in a range of $65 billion to $68 billion and full-year earnings per share of $2.30... Read More

What Else?

“This quarter’s results were below the standards we have set for the company and our shareholders. We must and will do better. The sudden and rapid decline in economic activity was the largest driver, but the shortfall also reflects our own execution issues,” Intel CEO Pat Gelsinger said.

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According to data from Benzinga Pro, Intel has a 52-week high of $56.28 and a 52-week low of $35.54.