Remember those investors who thought Intel was the next big thing back in the late ‘90s and bought the tech giant’s stocks? Well, they’ll not be so thrilled to know that, more than 25 years later, their stock is trading at less than what they paid for it! After a rough 34.6% dive this week following Intel’s not-so-great earnings call, it’s a real nostalgia trip for those long-term holders.
In its Q2 2024 earnings report, Intel CEO Pat Gelsinger announced a 1% decline in revenue compared to the same period last year and adjusted third-quarter forecasts downward by $1 billion. Intel's chip manufacturing division has particularly struggled, incurring $7 billion in losses throughout 2023, compounded by a 31% revenue decrease from 2022.
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