Intel (NASDAQ:INTC) Releases Q3 2024 Earnings Guidance

Intel (NASDAQ:INTC) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of -0.030–0.030 for the period, compared to the consensus estimate of 0.310. The company issued revenue guidance of $12.5 billion-$13.5 billion, compared to the consensus revenue estimate of $14.4 billion. Intel also updated its Q3 guidance to ($0.03) EPS.

Intel Stock Down 26.1 %

NASDAQ:INTC traded down $7.57 during mid-day trading on Friday, hitting $21.48. The company had a trading volume of 300,895,920 shares, compared to its average volume of 60,137,096. The business has a fifty day simple moving average of $31.35 and a 200-day simple moving average of $36.71. The company has a current ratio of 1.57, a quick ratio of 1.14 and a debt-to-equity ratio of 0.43. Intel has a 1 year low of $20.42 and a 1 year high of $51.28. The firm has a market capitalization of $91.44 billion, a price-to-earnings ratio of 22.38, a PEG ratio of 17.38 and a beta of 1.05.

Intel (NASDAQ:INTC) last released its quarterly earnings data on Thursday, August 1st. The chip maker reported $0.02 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.08). The company had revenue of $12.80 billion during the quarter, compared to analysts’ expectations of $12.92 billion. Intel had a net margin of 1.77% and a return on equity of 1.82%. The company’s revenue for the quarter was down .8% compared to the same quarter last year. During the same period last year, the business earned ($0.05) earnings per share. Equities analysts forecast that Intel will post 0.07 earnings per share for the current fiscal year.

Intel Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 7th will be paid a dividend of $0.125 per share. The ex-dividend date is Wednesday, August 7th. This represents a $0.50 annualized dividend and a dividend yield of 2.33%. Intel’s dividend payout ratio is presently 52.08%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on INTC shares. HSBC downgraded Intel from a hold rating to a reduce rating in a research note on Friday. Bank of America downgraded Intel from a neutral rating to an underperform rating and decreased their price target for the stock from $35.00 to $23.00 in a research note on Friday. Jefferies Financial Group started coverage on Intel in a research note on Monday, May 13th. They issued a hold rating and a $34.00 price target for the company. Morgan Stanley decreased their price target on Intel from $36.00 to $25.00 and set an equal weight rating for the company in a research note on Friday. Finally, Wells Fargo & Company decreased their price target on Intel from $43.00 to $38.00 and set an equal weight rating for the company in a research note on Friday, April 26th. Five equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $33.41.

About Intel

Intel Corporation designs, develops, manufactures, markets, and sells computing and related products and services worldwide. It operates through Client Computing Group, Data Center and AI, Network and Edge, Mobileye, and Intel Foundry Services segments. The company's products portfolio comprises central processing units and chipsets, system-on-chips (SoCs), and multichip packages; mobile and desktop processors; hardware products comprising graphics processing units (GPUs), domain-specific accelerators, and field programmable gate arrays (FPGAs); and memory and storage, connectivity and networking, and other semiconductor products.