Intel Calls Rout ‘Overstated’ After Worst Decline Since 2020
- Stock plunge follows disappointing forecast for first quarter
- Sales from once-dominant data center business miss predictions
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Intel Corp. tumbled the most in more than three years after delivering a disappointing forecast, a reaction that Chief Executive Officer Pat Gelsinger said Friday was overblown.
The shares fell 12% to $43.65 in New York after Intel’s first-quarter projection for both sales and profit came in well short of Wall Street estimates. It was the biggest single-day decline since July 2020.