Intel set to report results amid PC uncertainty and Mobileye IPO
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Intel (NASDAQ:INTC) is set to deliver its fiscal third-quarter results after Thursday's market close, and the report comes at what might be called an auspicious time for the world's largest semiconductor company.
Wall Street analysts estimate that Intel (INTC) will earn 33 cents a share on $15.3B in revenue for the period that ended in September. During the same quarter a year ago, Intel (INTC) earned $1.71 a share on revenue of $19.2B.
Last week, Chief Executive Pat Gelsinger reportedly told Intel (INTC) employees that layoffs are in the works. Earlier this week, HSBC analyst Edward Lee initiated his coverage of Intel (INTC) with a very diplomatic-sounding reduce rating, and said the company is "the tech giant which lost its way in recent years."
And then there is Mobileye (MBLY), Intel's (INTC) self-driving technology business that went public on Wednesday in an IPO valued at almost $17B. Mobileye's (MBLY) shares rocketed up by more than 30% as the company went public, while Gelsinger said the IPO wasn't about raising capital, but was done in order to "maximize the company's potential."
Intel (INTC) stock is also trading just slightly above a 52-week-low of $24.59 a share that was touched on October 13.
And the company is also facing the matter of shrinking PC sales worldwide as supply issues and weakening demand continue to weigh on the sector.