Tech giant Intel INTC reported Q3 earnings on this week. Despite beating estimates on both the top and bottom line, its overall business is actually starting to slow down, and investors became spooked. INTC closed down nearly 11% to $48.20 per share.
Revenue fell 4% year-over-year for the quarter, GAAP profits per share slipped 25%, and gross profit margins decreased 570 basis points. CEO George Davis said that the PCs that raked in the highest sales were “in the consumer and education markets,” which are “more entry-level,” or lower margin.
Intel is still optimistic about fiscal 2020 and raised guidance. It now expects sales of $75.3B and GAAP earnings of $4.55 per share.
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