Intel Corp shares fell more than 12% on Friday as investors processed the company's latest earnings report and its disappointing outlook. The tech giant projected first-quarter adjusted earnings per share (EPS) at 13 cents and revenue between $12.2 billion and $13.2 billion, both figures well below forecasts.
Yesterday, Intel's Chief Financial Officer, David Zinsner, cited challenges during the earnings call, including material inventory corrections in its Mobileye and Programmable Solutions Group (PSG) divisions. Additionally, a notable drop in revenue is expected in Intel Foundry Services due to reduced purchasing in traditional packaging and cyclical weakness in wafer equipment buying in the first half of the year.
At 4:02 am ET, Intel shares tumbled 12.07% in premarket in New York to sell for $43.54.
