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Intel’s Weak Sales Forecast Lower’s Stock valuation

Intel INTC gave a tepid outlook for sales in its current quarter, signaling further challenges for the chip maker’s self-driving and programmable-chip businesses amid signs that the PC market is starting to recover.

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The company forecast roughly $12.7 billion of sales for the first quarter, higher than the same period last year but lower than Wall Street expected in a survey of analysts by FactSet.

The company’s shares fell more than 8% in after-hours trading.

Intel (INTC) shares tumbled Friday, weighing on the broader semiconductor sector, after the chip maker gave a tepid outlook for this quarter’s sales.

The lower-than-expected forecast signals further challenges for Intel’s self-driving and programmable-chip businesses, amid signs that the PC market is starting to recover.

In recent market action :

Intel shares sank 10%. The stock hasn’t dropped more than 10% in a day since October 2021, according to FactSet data.

An index of semiconductor shares fell 1.5%.


Image: Intel