Connor Smith
$Intel(INTC.US)$ stock fell in extended trading Thursday after the company missed sales expectations and said its chief financial officer plans to retire in May. The company also chalked a decline in its PC business to broader component shortages.
For the third quarter, Intel reported adjusted earnings of $1.71 a share and adjusted revenue of $18.1 billion. The earnings figure beat analyst estimates of $1.11 a share, but analysts were looking for revenue of $18.2 billion, according to FactSet.
Intel stock slid 7% to $52.10 in after-hours trading Thursday following the report.
We broke ground on new fabs, shared our accelerated path to regain process performance leadership, and unveiled our most dramatic architectural innovations in a decade."
-CEO Pat Gelsinger said in a statement summing up the quarter.
Revenue in the PC-focused client computing group fell 2% year over year to $9.7 billion. The company said notebook volumes were hampered by industrywide component shortages, but that was partially offset by higher average selling prices and strength in the desktop computer business. Revenue in its data center group business jumped 10% to $6.5 billion.
Intel raised its full-year adjusted earnings outlook to $5.28 a share, from $4.80. It also raised its outlook for adjusted gross margin to 57% from 56.5%. The company said CFO George Davis plans to retire from Intel in May 2022, and that the company will conduct a search for a successor.
In addition, Intel's investor day will be pushed back to Feb.17, 2022, from Nov.18. On the earnings call, Gelsinger cited the search for a CFO and added that he hopes the event can take place in-person. Analysts in recent weeks had looked ahead to that event to get more information on trends heading into 2022.
The company's earnings call began around 5 p.m. ET.
Write to Connor Smith at connor.smith@barrons.com