Intel dives on weak results, guidance
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 2 August 2024
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Friday, August 2nd. I'm Julie Morgan. |
| 0:12.8 | Intel is down double digits pre-market. |
| 0:15.7 | Grocery prices are still too high and the FTC is asking why. |
| 0:20.7 | And there's been a weight loss drug shortage. How long will it continue? |
| 0:25.0 | Intel is down more than 21% pre-market. The semiconductor giant offered up weaker than expected guidance for the coming quarter. The of the workforce and suspend its dividend. |
| 0:42.9 | Looking ahead, Intel expects third quarter revenue |
| 0:46.1 | to be between 12.5 and 13.5 billion, |
| 0:50.0 | well below the $14. billion dollars analysts were anticipating. |
| 0:54.8 | It also anticipates losing an adjusted 3 cents per share |
| 0:58.6 | with adjusted gross margins of 38%. |
| 1:01.9 | Analysts were anticipating adjusted earnings of 30 cents per share. |
| 1:06.0 | For the period ending June 30th, Intel earned an adjusted 2 cents per share |
| 1:11.0 | as revenue fell 0.09 percent year over year to come in at 12.83 billion. |
| 1:18.0 | A consensus of analysts expected Intel to earn an adjusted 10 cents per share on 12.95 billion dollars in revenue during the fourth |
| 1:26.5 | quarter. The company's CFO said second quarter results were impacted by gross margin headwinds from the accelerated ramp up of their |
| 1:34.8 | AI PC product, higher than typical charges related to non-core businesses and the impact |
| 1:40.9 | from unused capacity. |
| 1:42.6 | In addition to the financial results, Intel said in a company memo |
| 1:46.7 | that it would cut its workforce by 15,000. |
| 1:49.6 | Intel also said it would cut spending on new plant sand equipment in 2024 by more than 20% as it now |
| 1:57.2 | expects to spend between 25 and 27 billion dollars. |
... |
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