Intel Reduces Guidance, Misses Q4 Estimates – $INTC $DIA $QQQ $INM

By John F. Heerdink, Jr.

Reportedly, Chipmaker Intel Corporation (INTC) missed Q4 estimates and forecasts figures much lower than expected for the current period. The company reported an adjusted 10 cents a share on sales of $14.04 billion in the December quarter. Analysts were expecting earnings of 21 cents a share on sales of $14.49 billion. On a year-over-year basis, Intel earnings dropped 92% while sales dropped 28%. Intel’s PC chip unit witnessed sales drop 36% to $6.6 billion in the fourth quarter. Company’s data center chip unit posted a 33% decline in sales to $4.3 billion.

Intel spinoff Mobileye unit posted better-than-expected results for the fourth quarter with revenue jumping 59% year over year to $565 million, and adjusted earnings rose 110% to 27 cents a share. Analysts predicted adjusted earnings of 17 cents a share on sales of $533 million. For 2023, Mobileye forecast revenue of $2.24 billion, slightly above estimates for $2.2 billion.

“Despite the economic and market headwinds, we continued to make good progress on our strategic transformation in Q4. In 2023, we will continue to navigate the short-term challenges while striving to meet our long-term commitments, including delivering leadership products anchored on open and secure platforms, powered by at-scale manufacturing,” stated Chief Executive Pat Gelsinger.

The chipmaker forecasts to lose an adjusted 15 cents a share on sales of $11 billion, for the current first quarter.

Intel Corporation (INTC) seeks to expand the boundaries of technology to provide the most amazing experience possible while designing, manufacturing, and selling integrated digital technology globally. To learn more about Intel Corporation (INTC) and to track its progress please visit the Vista Partners Intel Corporation Coverage Page.

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DID YOU KNOW?

InMed Pharmaceuticals (NASDAQ: INM) is a global leader in the research, development and manufacturing of rare cannabinoids, including clinical and preclinical programs targeting the treatment of diseases with high unmet medical needs. They also have significant know-how in developing proprietary manufacturing approaches to produce cannabinoids for various market sectors.

PROGRESS REPORT: InMed Pharmaceuticals Provides Business Update & Milestones

On January 10, InMed Pharmaceuticals Inc. (Nasdaq: INM) issued a press release ,which outlined their key accomplishments from 2022 and provided business update and catalysts for 2023 including the following interesting milestones for 2023:

Complete Phase 2 clinical trial enrollment in Epidermolysis Bullosa in 1Q 2023
Progress preclinical research in glaucoma in preparation for human trials
Advance research using rare cannabinoids in treating neurodegenerative diseases such as Alzheimer’s, Huntington’s and Parkinson’s

“Over the course of 2022, we strengthened our position as a leader in rare cannabinoid R&D, creating a unique offering as the only company that has the breadth and depth in cannabinoid drug research, development and significant manufacturing know-how. Despite the many economic pressures affecting businesses on a global scale, including challenging capital markets, particularly in biotech, InMed was able to advance its programs and achieve a number of key milestones. As we move forward into 2023, we are very encouraged by the strength of our pharmaceutical programs, with several material milestones anticipated in the coming quarters,” stated Eric A. Adams, InMed President and CEO.

REVIEWING InMed’s 2022 ACCOMPLISHMENTS

REVIEW The balance of the report by clicking here.

(Read Original Story: Chipmaker Intel Misses Fourth-Quarter Targets, Forecasts Loss in Investor's Business Daily)