Despite Strong Q3, Market Tumult Drags Intel Down
Semiconductor chip giant Intel reported better-than-expected financial results for the third quarter late Tuesday, but it wasn’t enough to buoy its stock or inject any new life into the broader chip market. Net income at Intel rose 12 percent year-over-year to $2.01 billion. However, top-line revenue rose just 1 percent to $10.2 billion. Intel forecast fourth-quarter sales of $10.1 billion to $10.9 billion, which is in line with Wall Street expectations of $10.77 billion. The company also forecast its gross margins would remain relatively flat at 59 percent.
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Despite Strong Q3, Market Tumult Drags Intel Down
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