Intel disappoints with its quarterly report, registers lower than expected revenue

Intel Corp. reported lower-than-expected third-quarter revenue Thursday by Wall Street, while still lagging behind rivals in offering faster chips to meet the demand for computing devices for hybrid work.

Shares of Intel, one of the world’s largest chipmakers, fell 4% in trading after the regular market closed.

The boss’s plan IntelPat Gelsinger, turning the company around is seen to be largely beneficial in the long run. The shares are up about 11% this year.

However, its rivals in the design of chips, What Nvidia Corp. and Advanced Micro Devices, they are getting ahead and grabbing market share by turning to manufacturers with better technology than Intel.

Adjusted sales for the third quarter stood at $ 18.1 billion, below estimates of $ 18.24 billion.

However, the company expects fourth-quarter revenue slightly above Wall Street expectations.

The company expects fourth-quarter revenue of about $ 18.3 billion, compared to an average analyst estimate of $ 18.25 billion, according to IBES data from Refinitiv.

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