Intel Corp.’s stock has been rock solid for over two years, but it’s facing a potential double-digit decline after a disappointing earnings forecast.
The company’s first-quarter adjusted EPS forecast of 13 cents and revenue forecast of $12.2 billion to $13.2 billion fall well short of the FactSet consensus. Analysts had projected 34 cents in adjusted EPS and revenue of $14.3 billion.
Intel’s stock plunged 10.9% in after-hours trading Thursday, threatening to mark its worst single-day percentage decline since Oct. 22, 2021.
The stock rallied about 50% since last posting results three months ago, but Intel’s gloomy outlook sent shares tumbling.