Shares of Intel (INTC) are down 10% after the semiconductor and microchip company issued fourth-quarter results that missed Wall Street’s expectations.
The Santa Clara, California-based company reported that it earned $0.10 U.S. per share for the final quarter of 2022 versus $0.20 U.S. that was expected by analysts, according to Refinitiv data.
Intel’s Q4 revenue came in at $14.04 billion U.S. compared to $14.45 billion U.S. that was anticipated, a 32% year-over-year decline.
Intel blamed the poor results on declining sales as the market for personal computers softens coming out of the global pandemic.
The company recorded a $664 million U.S. Q4 net loss, compared with a profit of $4.62 billion U.S. a year earlier.
Intel also forecast more pain ahead, saying it expects a net loss of $0.15 U.S. per share on $10.5 billion U.S. to $11.5 billion U.S. in revenue for the current first quarter of 2023.
Analysts polled by Refinitiv had expected Q1 2023 earnings of $0.24 U.S. a share on $13.93 billion U.S. in revenue.
Intel declined to provide full-year guidance citing ongoing uncertainty.
On January 12 of this year, Intel said that it saw a total addressable market for 270 million to 295 million PC sales in 2023. The company now says it expects the market to be on the low end of that range.
Prior to the latest drop, Intel’s stock had declined 38% over the past year to $30.09 U.S. per share.
