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Why Intel Stock Tanked on Friday

TheMotleyFool

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Why Intel Stock Tanked on Friday: https://g.foolcdn.com/editorial/images/692934/pc-chips.jpg

Shares of Intel (NASDAQ: INTC) were down 10.5% as of 9:44 a.m. ET on Friday after the chipmaker delivered disappointing earnings results following the market close on Thursday.

The stock has fallen 30% year to date and has significantly lagged the return of the S&P 500 index due to competitive pressures. The company is now dealing with soft economic activity, which doubles the blow.

Revenue fell 22% versus the year-ago quarter, which hit the bottom line hard, as non-GAAP earnings per share plunged 79%. CEO Pat Gelsinger cited "the sudden and rapid decline in economic activity" as the biggest factor leading to the weak performance, along with execution issues.

Source Fool.com

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