The stock of chip giant Intel plunged on Jan. 26 after the company reported disappointing fourth-quarter results and forecast more losses for the first quarter of 2023.
Intel’s stock price fell nearly 10 percent in extended trading after the Santa Clara, California-headquartered giant reported fourth-quarter revenue of $14 billion, down 32 percent year over year.
Market analysts had anticipated revenue of $14.4 billion for the quarter.
Meanwhile, the company reported a fourth-quarter loss of $664 million, or $0.16 a share, compared to a profit of $4.62 billion in the year-ago quarter. Wall Street analysts had been expecting a loss of $278 million. Full-year revenue wasn’t much better, at $63.1 billion, down 20 percent year over year….