Intel Corp. must contend with an earnings report Thursday that notably lacked a formal pre-announcement, amid a bleaker-than-expected PC market and layoff rumors — all of which may quickly overshadow the boost from Wednesday’s initial public offering of its Mobileye unit.
Amid all this downward pressure on multiple fronts, Susquehanna Financial analyst Christopher Rolland brought up a question many have posed: Why hasn’t Intel pre-announced? The one little bright spot late Wednesday for data-center chip providers like Intel, Nvidia, Marvell Technology Inc. MRVL, -4.58%, and AMD was Facebook parent Meta Platforms Inc.’s META, -5.59% otherwise dismal earnings report, where the social-media company said it was hiking its capex budget out to 2023 to keep pursuing metaverse AI ambitions.
Revenue: Wall Street expects revenue of $15.31 billion from Intel, according to 29 analysts polled by FactSet, based on Intel’s forecast of about $15 billion to $16 billion. That’s down from the $18.95 billion Wall Street expected at the beginning of the quarter, and the $18.09 billion reported last year, and will likely mark the ninth consecutive quarter of year-over-year revenue declines. Estimize expects revenue of $15.37 billion.
Over the September-ending quarter, Intel’s stock price dropped 31%, while the Dow Jones Industrial Average DJIA, +0.01% — which counts Intel as a component — fell 7%, the S&P 500 index SPX, -0.74% declined 5%, the tech-heavy Nasdaq Composite Index COMP, -2.04% shed 4%, and the PHLX Semiconductor Index SOX, -1.18% fell nearly 10%.
“As we all know, high-growth tech stocks have been decimated by a combination of weaker macro and higher rates, and the IPO market itself has stagnated in recent months,” Rasgon said. “But going ahead with the IPO now, at any price they can get, suggests Intel still believes doing it now is better than waiting.”
Or rips to ATH!!
And people wonder why I say we are headed lower. The e in PE is evaporating ask Meta and Snapchat $meta $snap straight disasters
Massive layoffs coming
Go woke go broke. Watch another one die
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