Intel Tumbles Most in Three Months After Tepid Forecast
- Projections for sales and profit come in short of estimates
- CEO Pat Gelsinger has been looking to restore Intel’s prowess
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Intel Corp., the biggest maker of personal computer processors, tumbled the most in three months on Friday after giving a lackluster forecast for the current period, indicating that it’s still struggling to return to the top tier of the chip industry.
Sales in the second quarter will be about $13 billion, the company said Thursday. That compares with an average analyst estimate of $13.6 billion, according to data compiled by Bloomberg. Profit will be 10 cents a share, minus certain items, versus a projection of 24 cents.