Intel reported sales totaled US$19.2 billion for Q3 against the expectations of US$18.24B. Adjusted EPS was US$0.90 versus US$1.11 per share.
Data center earnings fell slightly short at US$6.5B against the expectations of US$6.64B.
Intel CFO George Davis announced plans to retire in May 2022.
Intel is facing headwinds with AMD gaining market share as well as Apple dropping Intel products. In addition, Amazon, Google and Alibaba recently announced they will be manufacturing their own CPUs, further contributing to Intel’s competitive outlook.
The company plans to shift its business model to become a manufacturer, or foundry, for other chip designers, in addition to continuing to design and manufacture its own processors. Intel has committed to a capital expenditure of US$20 billion this year, including on a new semiconductor factory in Arizona.
Intel’s share price fell 9% on Friday trading to US$49.46 a share.
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