Intel Data Center Revenue Jumps 78%, but Weak Q4 Guidance Drags Stock Down 30%
Intel shares fell roughly 29% on Friday to $65.76 after the company's fourth-quarter outlook came in well below Wall Street expectations.
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Intel's stock plummeted roughly 29 percent to $65.76 on Friday following the company's fourth-quarter guidance, marking the worst trading day since the 1970s. The sharp decline came despite strong third-quarter results, where the company reported total revenue of $16.5 billion, up 21 percent year over year, and adjusted earnings per share of $0.52, beating analyst expectations of around $0.40.
Data Center and AI revenue surged 78 percent to $7.3 billion in the third quarter, while the Client Computing Group declined 5 percent to $8.1 billion. The forward guidance disappointed investors, with Intel projecting fourth-quarter revenue between $15 billion and $16 billion against Wall Street consensus of around $17 billion, and adjusted EPS of just $0.25.
The company attributed part of the shortfall to an Israeli plant shutdown and cited continued weakness in personal computers. Intel's CFO indicated the PC slowdown would persist through at least the first half of next year, with the company expecting the PC market to contract by approximately 12 percent in units this year and another 10 percent decline in 2027. Non-GAAP gross margin is also expected to fall to about 38 percent from 44 percent in the third quarter.
What happened
Intel shares fell roughly 29% on Friday to $65.76 after the company's fourth-quarter outlook came in well below Wall Street expectations. According to CNBC, it was the stock's worst day since the 1970s. Intel had closed at $92.07 on Thursday, right before it posted its third-quarter 2026 results. Oddly enough, the quarter itself was a good one. Revenue came in at $16.5 billion, up 21% year over year, and adjusted EPS of $0.52 easily beat the roughly $0.40 analysts were expecting. Data Center and AI revenue jumped 78% to $7.3 billion, while the Client Computing Group slipped 5% to $8.1 billion. Intel expects revenue between $15 billion and $16 billion, against a consensus of around $17 billion, with adjusted EPS of just $0.25.
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