Intel Shares Plunge 28.58% as Fourth-Quarter Outlook Misses Estimates

Intel shares fell 28.58% to $65.76 at the 4 p.m. ET (20:00 UTC) close Friday, Oct. 30, after its fourth-quarter forecast missed analyst expectations and the company flagged further strain on PC demand and production.

Intel projected revenue of $15 billion to $16 billion and non-GAAP earnings of $0.25 per share for the quarter. Analyst estimates were $17.07 billion and $0.43 per share. The outlook overshadowed third-quarter revenue of $16.5 billion, up 21% from a year earlier, and non-GAAP earnings per share of $0.52, a 126% increase.

Data Center and AI revenue climbed 78% to $7.3 billion; Client Computing and Physical AI revenue slipped 5% to $8.1 billion. Intel said higher memory and other component costs were squeezing IT budgets, while tighter inventory management further weakened client demand. It expects those pressures to deepen in the fourth quarter and continue into 2027.

An accident at Intel’s Kiryat Gat, Israel, facility in mid-October halted manufacturing for about two weeks. Intel expects the shutdown to lower output and create inefficiencies that weigh on costs and results through the first half of 2027, but has not estimated the incident’s total financial effect or possible insurance recovery.