Intel drops 7% on weak outlook
Intel stock fell more than 7% in extended trading after providing a weaker-than-expected revenue forecast for the year. The company's first-quarter earnings topped analysts' estimates.Intel said it expects full year revenue of $69.0 billion compared to estimates of $71.05 billion. That would be a decline from $70.8 billion in 2018 and mark the company's first revenue drop since 2015.
Intel said last week that it's exiting the 5G smartphone market after determining there was"no clear path to profitability," further ceding the mobile phone chip business to Qualcomm. The company also said it's assessing its future in so-called internet of things devices, or the growing number of gadgets that are connected to the web.
That leaves the company increasingly reliant on the data center business, where Intel has dominant market share in providing chips for servers. But revenue for Intel's data-centric businesses fell 5% year over year in the first quarter, the company said. Its Data Center Group reported revenue of $4.9 billion for the quarter, down from $5.2 billion during the same quarter last year.
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