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Intel reports third-quarter revenue below estimates -Breaking

by Mike Robinson

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© Reuters. Visitors can be seen visiting the Intel booth at China Digital Entertainment Expo and Conference (also known as ChinaJoy), in Shanghai, China, July 30, 2021. Image taken July 30, 20,21. REUTERS/Aly song/Files

(Reuters] -Intel Corp has reported third quarter revenues below Wall Street’s expectations, following rivals using faster chips for hybrid work.

The shares of Intel (NASDAQ :), the largest chipmaker in the world, dropped 4% during extended trading.

With shares increasing by about 11%, Intel’s Pat Gelsinger (CEO of Intel) is clearly promoting the company’s long-term success. Its chip-designing rivals Nvidia Corp and Advanced Micro Devices Corp are in a race to grab market share.

Sales adjusted for the third quarter reached $18.1 Billion, which was below estimates of $18.24 Billion.

However, revenue estimates for the fourth quarter were slightly lower than Wall Street.

Intel announced that George Davis, Chief Financial Officer at Intel, will be retiring in May 2022.

According to IBES data compiled by Refinitiv.com, analysts expect revenue of around $18.3 trillion for the fourth quarter. This compares with $18.25 billion on average.

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