Intel shares dropped more than 16% in after-hours trading following the release of third-quarter results that beat revenue expectations but signaled a prolonged PC market slowdown. The company reported Q3 revenue of $16.5 billion, up 21% year-over-year, with GAAP earnings per share of $0.60 and non-GAAP EPS of $0.52.
However, Intel guided fourth-quarter revenue to $15–$16 billion, below current levels, with expected EPS of $0.10 and non-GAAP EPS of $0.25. CFO David Zinsner noted that data center revenue posted its strongest growth in 15 years during Q3, but cautioned that the PC market downturn is likely to persist at least through the first half of next year.
Intel Q3 Revenue Jumps 21% but Stock Plunges 16% on Weak Q4 Outlook and PC Slump Warning
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