Intel Moves The Market📉

Jan 27th 2023, 2:37 pm

Pat Gelsinger, Intel's CEO, attributed the most recent decline in the company's financial outlook to "continued macro headwinds" and a considerably steeper chip inventory correction than anticipated.
Although $INTC did not provide financial guidance for the remainder of the year, Gelsinger expressed optimism for a comeback in the second half of 2023 due to a resurgence in China's economy and rising demand from major corporations the government.
Intel anticipates a Q1 loss of 15 cents per share, excluding one-time items, with revenue expected to range between $10.5 billion and $11.5 billion. Additionally, the company anticipates gross margins to be lower than 40%, at 39%.
The extent of the decline in the financial results was described as "shocking" by Bernstein analyst Stacy Rasgon, who has assigned Intel an underperforming rating. She also expressed concern for the company's cash position.
$INTC is in red with -9.4% in pre-market trading sessions.

Source: Yahoo Finance

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