(AOF) – Intel fell 10.30% to $44.45, relegated to last place in the Dow Jones index. The American group is the latest victim of a black series in the semiconductor sector. After Texas Instruments and STMicrolectronics earlier this week, the technology giant revealed disappointing prospects. The group is facing lower demand than traditionally recorded this season for its PC and server products. The latter are expected to decline by more than 10% from one quarter to the next, specifies HSBC.
Intel also questioned the correction of stocks of its non-essential products, particularly at Mobileye.
In the first quarter, the Santa Clara (California) firm is targeting adjusted earnings per share of 13 cents for revenues between $12.2 and $13.2 billion. Analysts polled by Bloomberg expect 34 cents and $14.25 billion, respectively.
HSBC slashed its earnings per share forecast for 2024 by 26% to $1.29. To keep the value, HSBC lowered its price target from 46 dollars to 44 euros. At Underweight, JPMorgan maintained its level at $37. Neutral, UBS targets 38 dollars.
A fourth quarter better than expected
Over the last three months of 2023, the world’s number one semiconductor company generated net profit, group share, of $2.7 billion, or 63 cents per share, compared with a loss of $0.7 billion. euros, a year earlier. Adjusted earnings per share came to 54 cents, a level higher than the consensus of 44 cents. Its revenues jumped 10% to $15.4 billion, compared to the consensus of $15.2 billion.
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