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Intel's Q2 Earnings Miss Disappoints Wall Street

Intel's Revenue and Earnings Fall Short of Estimates

Chip giant Intel (INTC) reported its second quarter earnings after the bell on Thursday, missing on both the top and bottom lines. The company's revenue came in at $15.3 billion, below analysts' estimates of $15.5 billion. Intel's earnings per share were $0.87, also below estimates of $0.90.

Guidance for the Next Quarter Falls Short

Intel also provided guidance for the third quarter that fell short of analysts' expectations. The company said it expects revenue to be in the range of $15 billion to $15.5 billion, below the consensus estimate of $15.9 billion. Intel also said it expects earnings per share to be in the range of $0.85 to $0.95, below the consensus estimate of $0.97.

The disappointing results and guidance sent Intel's stock down more than 10% in after-hours trading. The stock has now lost more than 20% of its value since the beginning of the year.

Nvidia, Other Chipmakers Also See Declines

Intel's poor results and guidance are a sign of the challenges facing the chip industry. The global chip shortage has led to higher prices and longer lead times, which is hurting the bottom lines of chipmakers. Additionally, the economic slowdown is weighing on demand for chips.

Other chipmakers are also feeling the pain. Nvidia (NVDA) saw its stock price drop by nearly 6% on Friday after the company reported disappointing earnings. The company's revenue and earnings per share both fell short of analysts' estimates.

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