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Home > Data Center > Intel shares plunges 10% after data-center sales drop more than expected

Intel shares plunges 10% after data-center sales drop more than expected

According to Intel Q3 results, data-center sales sank more than expected, sending shares down 10% in after-hours trading Thursday.


Seda Nur Cinar Seda Nur Cinar
October 23, 2020
1 min read
Intel shares plunges 10% after data-center sales drop more than expected

Intel Corporation reported third-quarter 2020 financial results. According to the Q3 results, data center sales sank more than expected, sending shares down 10% in after-hours trading Thursday.

The effects of the weaker economy due to COVID-19

Intel reported a third-quarter net income of $4.3 billion, or $1.02 a share, down more than 28% from $5.99 billion, or $1.35 a share, in the year-ago period. In the Data Center Group (DCG), Cloud revenue grew 15 percent year over year on continued demand to support vital services in work and learn-at-home environment. In the Q3 report, the company explained the negative effects of COVID-19 as:

“A weaker economy due to COVID-19 impacted DCG’s Enterprise & Government market segment, which was down 47 percent a year of the year following two-quarters of more than 30 percent growth.”

The company generated $8.2 billion in cash from operations and paid dividends of $1.4 billion. For the fourth quarter, Intel now expects adjusted earnings of $4.90 a share on sales of $75.3 billion.

Highlights of Intel Q3 results
Highlights of Intel Q3 results

See more Data Center News


Tags: Intel
Seda Nur Cinar

Seda Nur Cinar

Seda Nur Cinar is the news editor of the Cloud7 News. With more than 8 years of Linux and cloud experience, Seda is a Linux and opensource enthusiast, security researcher and a web application developer.

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