Recently, Chipmaker Intel Corporation (INTC) missed the Street’s Q2 estimates and cut its outlook for the full year. The company earned an adjusted 29 cents a share on sales of $15.3 billion in the June quarter, analysts expected earnings of 69 cents a share on sales of $17.94 billion. On a year-over-year basis, Intel earnings collapsed 79% while sales declined 17%. The company’s PC chip revenue dropped 25% to $7.7 billion in the second quarter. Meanwhile, data center chip sales decreased 16% to $4.6 billion.
“This quarter’s results were below the standards we have set for the company and our shareholders. We must and will do better. The sudden and rapid decline in economic activity was the largest driver, but the shortfall also reflects our own execution issues,”stated Chief Executive Pat Gelsinger.
For the current quarter, Intel predicted adjusted earnings of 35 cents a share on sales of $15.5 billion. For the full year, Intel now expects to earn an adjusted $2.30 a share on sales of $66.5 billion, whereas Analysts were looking for earnings of $3.34 a share on sales of $74.46 billion.
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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