Intel shares fall hard, on trajectory for worst drop since 2008

- Advertisement -

Intel just recently released their revenue forecast for 2019 that showed better earnings than they had expected, but unfortunately for Intel, those numbers were perceived as weak and the company’s shares fell more than 10%. The report was the first for CEO Bob Swan who took the position in January.

The expected sales for 2019 were $2.05 billion lower than their initial expectations of $71.05 billion. This might be the worst drop in revenue for the company since 2008 and will also mark the company’s first revenue drop since 2015.

Intel 10nm

As a result, Intel lost more than $25 billion from its market cap which is a significant number even for a company this big. It is now valued at $233.8 billion. Before the earnings report on Thursday, the stocks were up by 22% year-to-date but now, that number has fallen to 10%.

- Advertisement -

Last week, Intel said they would no longer be involved in the 5G smartphone market as they felt there was “no clear path to profitability”. This statement came after the recently settled legal dispute between Apple and Qualcomm which allowed the use of Qualcomm’s 5G modem chips in upcoming iPhones that would support 5G.

Read more:

- Advertisement -
Vineet Washington
Gamer and tech enthusiast. Video games are like oxygen and technology is like water. Can't live without them.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related posts

Latest posts

Apple Spring Loaded Event Wrapped Up – AirTags, iMac and More

Apple just had its first event of 2021, the "Spring Loaded" event, where it announced the new iPad, iMac, and a lot more. It...

How to Recover deleted photos from SD card

Introduction Did you unintentionally delete all the most cherished photographs of your life's most entertaining moments from your SD card? It is a miserable experience,...

Sony To Announce New PS Plus Video Pass Service – Free Movies and TV Shows For PS Plus Members

Sony is adding movies and TV shows to its PlayStation Plus service, which will be called the 'PS Plus Video Pass'.

Next Article Loading