Intel shares slide after a weak sales forecast
Intel shares fell about 17% in after-hours trading Thursday after the chipmaker forecast fourth-quarter revenue of $15 billion to $16 billion, below the roughly $17 billion analysts expected, even though its third-quarter results beat expectations. Its finance chief said the PC slowdown could last at least through the first half of next year. Amazon shares also fell as much as 10% after hours following its results before trimming losses.
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Why it matters
Intel's forecast points to lower sales in the final quarter of the year, and its finance chief said the PC slowdown could continue into next year. After-hours moves affect investors who hold Intel or funds that include it. Amazon also fell after hours following its own results.
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