Quantcast

Intel shares drop after 2014 forecast

Published: Friday, Nov. 22 2013 3:24 p.m. MST

In this Tuesday, Jan. 10, 2012, file photo Intel president and CEO Paul Otellini speaks during his keynote address at the 2012 International CES tradeshow, in Las Vegas.

Julie Jacobson, Associated Press

Enlarge photo»

Intel Corp. shares are dropping on the chipmaker's disappointing forecast for 2014.

The company, which has been struggling with the negative impact from weak PC sales, said Thursday at an analyst day that it is trying to reposition itself to sell products for a broad range of devices. But it expects its revenue for 2014 will be nearly unchanged from this year.

Based on Intel's revenue for the first nine months of the year and its forecast for the fourth quarter, it will generate revenue of roughly $52.6 billion in 2013. Analysts polled by FactSet had forecast sales of $53.65 billion for 2014.

Intel's stock is off 5.2 percent to $23.91 Friday afternoon. The Santa Clara, Calif.-based company's shares had gained 22 percent in 2013.

Get The Deseret News Everywhere

Subscribe

Mobile

RSS