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- Company news: Intel’s (INTC) quarterly results miss analysts’ estimates
Company news: Intel’s (INTC) quarterly results miss analysts’ estimates
Intel (INTC) reported Q2 FY2024 earnings of $0.02 per share (versus $0.13 per share in Q2 FY2023), missing analysts’ consensus estimate of $0.10 per share.
The company’s quarterly revenues amounted to $12.800 bln (-0.8% y/y), missing analysts’ consensus estimate of $12.918 bln.
The company issued downside guidance for Q3 FY2024, seeing a loss of $0.03 per share versus analysts’ consensus estimate of earnings of $0.31 per share and revenues of $12.5-$13.5 bln versus analysts’ consensus estimate of $14.43 bln.
Intel also suspended dividends starting in Q4 FY2024 and announced a cost reduction plan, including headcount reduction greater than 15% with the majority to be completed by the end of FY2024.
INTC fell to $22.95 (-21.00%) in pre-market trading.
