(Reuters) -Intel Corp reported third-quarter revenue below Wall Street expectations on Thursday as it trails behind rivals with faster chips to meet demand for computing devices for hybrid work.
Shares of Intel, one of the world’s largest chipmakers, fell 4% in extending trading.
Intel boss Pat Gelsinger’s plan to give the company a makeover is largely being seen as beneficial to it in the long term, with shares rising about 11% this year. However, its chip designing rivals like Nvidia Corp and Advanced Micro Devices are racing ahead, grabbing market share by turning to contract manufacturers with better chipmaking technology than Intel’s
Adjusted sales for the third quarter stood at $18.1 billion, missing estimates of $18.24 billion.
However, the company forecast fourth-quarter revenue slightly above Wall Street expectations.
Intel also said on Thursday Chief Financial Officer George Davis announced plans to retire in May 2022.
The company expects fourth-quarter revenue of about $18.3 billion, compared with analysts’ average estimate of $18.25 billion, according to IBES data from Refinitiv.
(Reporting by Chavi Mehta and Tiyashi Datta in Bengaluru; Editing by Maju Samuel)
