Intel’s net profit fell 28 percent year-on-year in the third quarter, with revenue down four percent. Intel’s stock lost 10 percent and fell below the $50 mark.
The US computer chip maker reported a net profit of $4.3 billion for the third quarter of this year. That represents a 28 percent year-on-year decline, having made nearly $6 billion in the same period last year. But Intel’s sales also fell. While its turnover reached $19.2 billion last year, it was only $18.3 billion this year.
“Our company reported solid third-quarter results that even exceeded our expectations in light of the coronavirus pandemic and its impact on a substantial portion of our business,” Intel CEO Bob Swan said in a press statement. However, he says it is still possible to finish 2020 with better results than last year. What is important is that the economy overcomes the current high uncertainty.
But investors are not overly optimistic about Intel. They responded to the results by selling off its shares, which fell 10 percent. Over time, one chip maker’s stock could be bought for less than fifty dollars.