Why Intel's Recent Bad News Does Not Spell Doom for the Chipmaker
Intel's (NASDAQ: INTC) second-quarter earnings report issued July 28 was a disaster by any measure. The company reported dramatic misses on revenue and earnings and significantly lowered its outlook for the rest of 2022.
Not surprisingly, Intel stock plunged following this news. However, Intel is in the midst of a turnaround strategy with a plan to spend tens of billions on new foundries and attempt to retake the technical lead. Given these plans, the question for investors is whether they should try to take advantage of this lower stock price.
For the second quarter of 2022, revenue came in at $15.3 billion, a 22% drop from year-ago levels. This was far short of the $17.9 billion analysts estimated.
Source Fool.com
