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Intel's shares recorded their biggest drop on Friday since January 2016, after the company released Thursday in its earnings report for disappointing earnings forecasts for the year.
Although profits were better than expected, stocks retreated after the publication of low revenue forecasts for 2019. Sales are expected to total $ 69 billion for the year, $ 2.05 billion lower than expected.
The stock fell 9% to $ 52.43 and is now up 12% for the year. This decision reduced the company's market capitalization of approximately $ 235.8 billion by nearly $ 24 billion.
The earnings report comes a week after Intel announced its exit from the highly anticipated 5G smartphone market. This decision comes after Apple and Qualcomm have settled a longstanding legal dispute, paving the way for Apple's use of Qualcomm's 5G modem chips for the subsequent launch of 5G-compatible iPhones.
Qualcomm shares rose more than 1.3% in mid-day trading on Friday.
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