Intel forecasts second-quarter profit below estimates

FILE PHOTO: U.S. chipmaker Intel Corp’s logo is seen on their “smart building” in Petah Tikva, near Tel Aviv, Israel December 15, 2019. Picture taken December 15, 2019. REUTERS/Amir Cohen

(Reuters) – Intel Corp (INTC.O) forecast current-quarter profit below analysts’ estimates on Thursday, sending its shares down 4% in extended trading.

The company said it would not update its full-year forecast as it normally does each quarter given ‘significant economic uncertainty’.

The COVID-19 pandemic has ripped through the semiconductor industry, already grappling with slowing sales of smartphones and PCs, and has hurt demand from customers, especially in the automotive sector, which many chipmakers had hoped would be a driver for growth in the coming years.

Intel expects second-quarter adjusted profit of $1.10 per share, compared to analysts’ average estimate of $1.19 per share, according to IBES data from Refinitiv. (bit.ly/3aC0Rix)

Reporting by Munsif Vengattil in Bengaluru and Stephen Nellis in San Francisco; Editing by Shounak Dasgupta

Our Standards:The Thomson Reuters Trust Principles.
source: reuters.com

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