Intel Corp said Thursday that development of its 7-nanometer processor was six months behind schedule, causing its stock’s price to drop 6% in post-market transactions.
The group estimated its revenue to be around $ 18.2 billion for the third quarter on adjusted earnings per share (EPS) at $ 1.10, while analysts expected $ 17.9 billion in revenue. and an EPS of around $ 1.14.
Intel has also revised its annual revenue forecast to $ 75 billion, a level higher than the estimate of 73.86 billion predicted on average by analysts in the consensus compiled by Refinitiv.
The six-month postponement announced on Thursday is another setback for the Santa Clara-based group, which had already struggled to develop its 10-nanometer chip.
For the second quarter ended in June, Intel reported revenue of $ 19.73 billion and adjusted earnings per share to $ 1.23 where analysts expected $ 18.55 billion. dollars and 1.11 dollars.
(Reporting by Stephen Nellis in San Francisco and Munsif Vengattil in Bengaluru; Editing by Anil D’Silva and Richard Chang)