(wow) Words Of Wonders Level 1650 Answers – Shares of Intel ( NASDAQ:INTC ) sank more than 10% on Friday. The semiconductor giant reported a quarter in which CEO Pat Gelsinger said that “under the standards we have set for the company and its shareholders.” Downgraded by Wall Street analysts.
Baird analyst Tristan Guerra downgraded Intel ( INTC ) shares to neutral from outperform and lowered his price target to $40 from $60. He said the company struggled with the slowdown in consumer demand for PCs and that this is unlikely to change soon.
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“Consumer patterns for home entertainment devices moving away from the COVID era, combined with weaker seasonality in the first half of the year, suggest that PCs will not recover anytime soon, resulting in a recovery of unused taxes.”, wrote Gerra. in a note to clients. The analyst added that a slowdown in the product mix of Sapphire Rapids and Intel (INTC) Advanced Micro Devices (NASDAQ: AMD) in the server market should benefit the second half of the year.
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For the period ended July 2, Intel ( INTC ) reported earnings of $0.29 per share on earnings of $15.3 billion, down 17% year over year. Data center revenue fell 16% year over year, while customer computing revenue, the company's largest segment, was $7.7 billion, down from 25% per annum.
Looking ahead to the third quarter, Intel ( INTC ) said it expects revenue of $15 billion to $16 billion, well below analysts' expectations of $18.67 billion. Non-GAAP gross margin is expected to be 46.5%, or earnings per share of $0.35.
Santa Clara, Calif.-based Intel ( INTC ) also lowered its full-year revenue guidance to $68 billion from $65 billion, down from its previous guidance of $76 billion. Analysts had expected full-year sales of $74.76 billion.
Gelsinger also said that Intel ( INTC ) will reduce spending and for the rest of the year, citing continued economic weakness and a 10% decline in the PC market.
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Susquehanna analyst Christopher Rowland downgraded his rating from neutral to negative, citing a number of factors, including Intel's ( INTC ) move from servers to ARM and Apple gaining market share in PCs ( AAPL ). of Extends the M series to “permanently replace” Intel.
In addition, Advanced Micro Devices (AMD) may continue to gain market share in the PC market, albeit at a slower pace than in recent years. The server part of AMD (AMD) is also likely to accelerate with the launch of 5nm Genoa, which is expected to launch the aforementioned Sapphire Strades, but this may not happen until next year.
Other risks for Intel (INTC) include the continuation of the product path with potential delays for Granite Rapids and Meteor Lake. Gross margins will come under pressure as companies spend on more complex geometries and competition intensifies. The “[work from home] hangover” made the PC market smaller than expected. And the “widening discrepancy” between earnings and free cash flow per share.
“For decades, Intel has been able to cover a number of failed projects, bad acquisitions and strategic weaknesses by strengthening Moore's legal and litigation leadership.” Unless we recover (which we believe is unlikely) or change our strategic direction, we expect Intel's growth, profitability and cash flow problems to continue.”
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Barclays Capital analyst Blaine Curtis said he did not downgrade Intel (INTC), but has been underrated for four years and said: “It's a road map, strategy and market struggle going forward . I can't see the way,” he said.
On Thursday, the House of Representatives passed the CHIPS bill, which was hailed by Intel (INTC) and others, and the bill will require President Biden to sign.
Analysts are lukewarm on Intel's (INTC) outlook. The authors' average rating of Alpha was BUY, while Wall Street analysts gave it a HOLD. Conversely, Seeking Alpha's quantum system, which still beats the market, rates INTC as a HOLD.
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