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Earnings Results: Intel stock plummets on disappointing earnings outlook as new CEO describes ‘more cautious’ trend

Intel Corp. shares plummeted as much as 9% in the extended session Thursday after the chip giant’s outlook fell way below Wall Street estimates, offsetting an earnings beat, and a decline in data-center revenue was worse than expected.

Intel INTC, -1.89% said it expects adjusted earnings of 89 cents a share on revenue of about $15.6 billion for the second quarter, while analysts polled by FactSet had forecast earnings of $1.01 a share on revenue of $16.86 billion. For the year, the chip maker sees adjusted earnings of $4.35 a share on revenue of about $69 billion. Analysts had forecast $4.50 a share on revenue of $71.04 billion.

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