Intel shares dropped close to 6% in US trade after the company gave a slightly disappointing revenue forecast into the end of the year. The chip-maker said it expects Q4 revenue of $15.7 billion against the consensus estimates of closer to $15.9 billion. The company reported adjusted Q3 earnings of 80 cents per share versus analysts’ forecasts of 73 cents per share on revenues of $15.58 billion.
A bright spot in the report came from the growth in the client computing group; which is composed largely of PC chips. Revenues from the client computing group increased 4.5% to $8.9 billion from a year ago Q3 which includes a 4% increase in the price of chips used in notebooks.
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Still, the tepid revenue guidance into Q4 was enough to influence investor sentiment and push the share price below $35.00 for the first time in a month. This comes after posting a new 5-year high at 38.10 on October 7th.
