Intel Shares Slide After Chip Shortage Outlook, 1Q Sale Drop
April 29 2022 - 10:51AM
Dow Jones News
By Dean Seal
Intel Corp. shares were down more than 5% in early trading
Friday after the semiconductor giant posted a drop in first-quarter
sales and warned that a global chip shortage would last longer than
expected.
The shares opened at $44.99, down from the previous close of
$46.84.
The Santa Clara, Calif.-based company said after the market
closed on Thursday that it now expects the chip shortage to last
into 2024, instead of 2023 as previously forecast, as equipment
shortages hamper chip-makers' ability to meet demand.
The company's first-quarter sales declined almost 7% to $18.35
billion, missing analyst expectations.
PC shipments fell by 5%, according to estimates from
International Data Corp.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 29, 2022 10:36 ET (14:36 GMT)
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