By Tae Kim
Semiconductor analysts are concerned expectations for Intel's December quarter may be too high. Investors will get a key update on chip maker's business after the market close Thursday.
The Wall Street consensus is that Intel will report September quarter revenue of $13.02 billion with an adjusted earnings-per-share loss of 2 cents. Analysts' estimates for the current quarter's revenue is $13.66 billion with earnings per share of 8 cents.
On Monday, Raymond James analyst Srini Pajjuri reiterated his Market Perform rating on Intel but cautioned about guidance risk. "We expect more or less in line results but see some risk to 4Q24 outlook due to weaker PC trends," he wrote.
The analyst cited recent conversations with Asian supply chain companies that suggest PC demand from corporations may not be robust.
In August, Intel announced a flurry of bad news -- including cutting 15,000 jobs, issuing disappointing earnings results, and providing weak guidance. The news sent the stock tumbling at the time.
Intel shares have declined 55% this year, compared with a 19% gain for the iShares Semiconductor ETF.
Write to Tae Kim at tae.kim@barrons.com
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(END) Dow Jones Newswires
October 31, 2024 00:30 ET (04:30 GMT)
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