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Intel stock drops 7% on revenue miss, outlook
Intel Corp shares dropped in the extended session Thursday after the chip giant’s quarterly revenue and first-quarter earnings outlook fell short of Wall Street expectations. Intel shares fell 7.3% after hours, following a 3.8% gain to close the regular session at $49.76. The company reported fourth-quarter net income of $5.2 billion, or $1.12 a share, compared with a loss of $687 million, or 15 cents a share, in the year-ago period. Adjusted earnings were $1.28 a share. Revenue rose to $18.66 billion from $17.05 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.22 a share on revenue of $19.01 billion. Intel expects adjusted earnings of 87 cents a share on revenue of about $16 billion for the first quarter, and $4.60 a share on revenue of about $71.5 billion for the year. Analysts forecast earnings of $1 a share on revenue of $17.29 billion for the first quarter, and $4.51 a share on revenue of $73.11 billion.