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Intel beats Q3 earnings estimates, but weak outlook sends shares tumbling

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Posted at 9:31 AM, Oct 22, 2021
and last updated 2021-10-22 12:31:30-04

Chip giant Intel Corp. beat Wall Street earnings expectations but just missed estimates on revenue for the third quarter. Combined with a weak fourth-quarter earnings per share outlook, investors sent shares down more than 8% late Thursday in after-hours trading.

The company, a major employer in Arizona, also announced that Chief Financial Officer George Davis intends to retire in May 2022.

For the third quarter Intel (Nasdaq: INTC) reported revenue of $19.2 billion, up 5% from a year ago. It reported profit of $6.8 billion, up 60% year-over-year. Earnings per share for the quarter were $1.67.

On an adjusted basis, excluding Intel’s NAND memory business, which is being sold, the company reported revenue of $18.1 billion compared to Wall Street’s expectation of $18.24 billion. Analysts look at the non-GAAP numbers for comparisons. Adjusted earnings per share was $1.71 compared to estimates of $1.11.

Read more of this story from the Business Journal.