Intel, IBM shares turn red after hours LOS ANGEL
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Intel, IBM shares turn red after hours
LOS ANGELES (MarketWatch) — Shares of Intel Corp. fell Tuesday evening, as a quarterly forecast from the world’s largest chip maker disappointed Wall Street, and shares of International Business Machines were also in decline as the traditional tech bellwether’s quarterly sales missed expectations.
http://www.marketwatch.com/story/intel-ibm-re...=afterbell
Intel shares (NASDAQ:INTC) fell 2.4% to $21.82 as the company forecast fourth-quarter revenue of $13.6 billion, plus or minus $500 million. Analysts were expecting sales of $13.7 billion, according to a consensus estimate from FactSet.
Intel forecast arrives as the near-term outlook for the semiconductor industry has worsened.
For the third quarter, Intel’s adjusted earnings were 60 cents a share. Revenue was $13.46 billion, down from $14.23 billion in the year-earlier period. Analysts had pegged earnings at 50 cents a share on revenue of $13.2 billion. Profit was $2.97 billion, or 58 cents a share, compared with $3.47 billion, or 65 cents a share.
IBM shares (NYSE:IBM) lost 3.5% to trade at $203.67 after the company said third-quarter revenue fell 5.4% to $24.7 billion, with weakening in its services, software and hardware segments. Wall Street had expected $25.4 billion in sales. Adjusted earnings at Big Blue were $3.62 a share, beating the consensus estimate by a penny a share.
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