Investors weren't too pleased with Intel's (NASDAQ:INTC) latest quarterly results. The tech giant released its third-quarter 2020 figures after market hours on Thursday, and the fallout the following day has been severe.
For the quarter, the company booked revenue of $18.3 billion, representing a 4% decline year over year. Adjusted net income amounted to $4.7 billion ($1.11 per share) for a steeper fall of 26%.
Despite the declines, those numbers were actually a bit better than most analysts had anticipated. On average, they were predicting $18.2 billion on the top line, and an adjusted per-share net profit of $1.10.
One culprit for the year-over-year declines was the relatively high-margin data center market segment. "Data-centric revenue," as Intel calls it, suffered a 10% drop, in contrast to "PC-centric revenue," which inched up by 1%.
The company also proffered guidance for its current quarter, and for the entirety of fiscal 2020. Intel believes its Q4 revenue will be around $17.4 billion, with per-share earnings coming in at $1.10. As with the trailing quarterly results, these are slightly above average analyst forecasts ($17.36 billion and $1.07, respectively). That revenue figure, though, is 14% below that of Q4 2019.
As for the full year, Intel is predicting that its top line will be $75.3 billion, and it will net $4.90 per share in earnings. In contrast to the quarterly forecast, the revenue figure if realized would represent year-over-year growth of nearly 5%.
Investors were obviously expecting much better news from their company. In late afternoon trading on Friday, Intel's shares were down by 11%.