Image source: Wojciech Balsewicz © 123RF.com
During the extended trading session of last Thursday, the share price of the company collapsed with 8.99% following new CEO Bob Swan’s commentary on his outlook for future earnings.
Even though Intel’s earnings report for Q1 managed to surpass the initial forecasts of earnings per share of 0.87 and the company reported EPS of 0.89, the share price fell from the previous day’s closing price of 57.61 to 52.43.
This significant drop in Intel’s share price of 5 dollars is the result of Mr Swan’s remarks that:
“The decline in memory pricing has intensified, the data-center inventory and capacity digestion […] is more pronounced than we expected […] leading to a more cautious IT spending environment."
From his statements becomes evident that the company’s expectations for future growth reflect upon turbulent market circumstances, which have been somewhat neglected by the prevalent market expectations of other independent financial analysts. For that reason, Intel:
“[…] said it expects adjusted earnings of 89 cents a share on revenue of about $15.6 billion for the second quarter, while analysts polled by FactSet had forecast earnings of $1.01 a share on revenue of $16.86 billion” [source]
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