Shares of the company were down about 20% in premarket trading after Intel late on Thursday forecast quarterly revenue below estimates and said it was...
- Intel was set to erase nearly $25 billion in market value on Friday in what would be its worst selloff since 2000 after it suspended its dividend and slashed its workforce to fund a costly turnaround for its chip-making business.
Part of the dot-com era's Four Horsemen - along with Cisco Systems, Microsoft and Dell - Intel's stock market value peaked at nearly $500 billion in 2000 before slumping in that year's market selloff and never fully recovering.It continued to dominate in hefty PC chips, but was caught off foot by the launch of Apple's iPhone in 2007 and other mobile devices that demanded lower power and less pricey processors.
"Intel has been one of the forgotten horsemen of technology the last couple decades," Michael Schulman, chief investment officer of Running Point Capital said. "Never overtaking its year 2000 highs and struggling to get earnings back to where they were before the AI revolution."Japanese video game maker Nintendo reported Friday a 55% drop in profit in the April-June quarter as sales slipped in both machines and game software compared to last year.
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