Intel 4Q Results Disappoint Wall Street
Intel Corp.’s profit leaped 51 percent as sales of microprocessors accelerated in the fourth quarter, but the world’s largest semiconductor company’s stock plunged after hours because the results fell short of Wall Street’s expectations. Intel shares plummeted more than 14 percent, falling by $3.27 to $19.43 after the results were released. During regular-session trading, Intel they had lost 39 cents, or 1.7 percent, to close at $22.69.
The Santa Clara-based company made $2.3 billion, or 38 cents per share, in profit for the three months ended Dec. 29, missing analysts’ estimates by two cents per share. In the same quarter a year earlier, the world’s No. 1 maker of the microprocessors that act as the brains of personal computers posted net income of $1.5 billion, or 26 cents per share. Intel said it sold a record number of those chips during the typically robust holiday quarter but noted their prices remained flat.
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