Intel stock slips as CPU product delays still challenge chip maker
Intel Corp. (INTC) shares declined in the extended session Wednesday after the chip giant said it has yet to resolve product delays but reaffirmed its outlook for the fourth quarter. Intel shares slipped 1% after hours, following a 0.7% decline to close the regular session at $57.90. In a filing with the Securities and Exchange Commission (https://www.sec.gov/ix?doc=/Archives/edgar/data/50863/000119312519296610/d817506d8k.htm), Intel shared "an open letter to customers" that said it was still experiencing delays in supplying central processing units, or CPUs. "Supply remains extremely tight in our PC business where we are operating with limited inventory buffers," Intel said. "This makes us less able to absorb the impact of any production variability, which we have experienced in the quarter. This has resulted in the shipment delays you are experiencing, which we appreciate is creating significant challenges for your business." In October, Intel forecast fourth-quarter adjusted earnings of $1.24 a share on revenue of about $19.2 billion, which at the time topped Wall Street estimates (http://www.marketwatch.com/story/intel-stock-rallies-as-results-outlook-top-street-view-2019-10-24). Analysts surveyed by FactSet now expect earnings of $1.25 a share on revenue of $19.19 billion.
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 20, 2019 17:12 ET (22:12 GMT)
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