MarketWatch First Take: The Intel money pit: Renovations cost more, no results in sight

Universal Pictures/ Courtesy: Everett Collection.

Intel’s renovations aren’t going so well.

Intel Corp. is trying to get its house in order, but right now it seems to resemble a bad contractor: Costs continue to rise as expectations flag.

Intel INTC, +1.23% reported a better-than-expected third quarter Tuesday afternoon, but the news was overshadowed by increasing charges for a massive restructuring and a softer forecast for the normally stellar fourth quarter. Even the strong third-quarter performance was the result of an unexpected rebound in Intel’s personal-computer business, one of the units Chief Executive Brian Krzanich has been attempting to de-emphasize, and investors were unimpressed, sending shares down as much as 6% in late trading.

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