Why Intel Stock Just Dropped 11%
It's the day after earnings for Intel (NASDAQ: INTC), and its stock is down -- 11% as of 10:15 a.m. EDT today.
That's kind of surprising. While some outlets (The Wall Street Journal, for example) say that Intel missed on its earnings in Q3, others (like TheFly.com) point out that Intel's "adjusted" earnings actually exceeded expectations.
For Q3, analysts were forecasting that Intel would earn $1.04 per share, as calculated according to generally accepted accounting principles (GAAP), and $1.10 pro forma. As it turned out, Intel's GAAP number was $1.02 per share (a miss) but $1.11 per share pro forma (a beat). Quarterly revenue clearly beat expectations -- $18.3 billion, where Wall Street had predicted $18.2 billion.
Source Fool.com
