Intel forecast disappoints as Israel fab blast, PC weakness weigh
Jenna Larson has been reporting on the Fargo region for over 15 years. She graduated from North Dakota State University and began her career at The Forum of Fargo-Moorhead before joining the Bison Current network. Jenna's focus is on community events, local initiatives, and the stories that make Fargo unique.
More from Jenna →
By Anhata Rooprai and Max A. Cherney Oct 29 (Reuters) Intel forecast quarterly revenue and profit below Wall Street estimates on Thursday, as a factory explosion in Israel and a prolonged slowdown in the PC market offset strong demand for its AI server chips, sending its shares down more than 20% in extended trading. The guidance could test confidence in a stock that has more than doubled this year, as investors weigh ongoing manufacturing constraints and soft PC demand against strong demand for its AI server chips and efforts to revive growth through a costly foundry expansion. “Looking ahead, we see the PC slowdown continuing at least through the first half of next year, Chief Financial Officer David Zinsner said. We will continue making disciplined investments in capacity and working capital to increase supply and support future growth.” The results also put a spotlight on Intel s funding plans. In August, the company raised $23 billion from an upsized share offering, as i