Intel falls more than 20% after hours as its Q4 revenue guide of $15.0B-16.0B misses the $17.07B estimate
Intel beat on third-quarter revenue and profit, but PC chip sales fell 5% and its fourth-quarter outlook came in entirely below Wall Street's forecast.
Intel (INTC) reported third-quarter results after Thursday’s close. The quarter itself beat expectations, but the outlook did not.
| Item | Q3 2026 | Estimate (LSEG) |
|---|---|---|
| Revenue | $16.5B (+21%) | $16.50B |
| Non-GAAP EPS | $0.52 | $0.40 |
| PC chip (CCPG) revenue | $8.1B (-5%) | $8.98B |
| Q4 revenue guide | $15.0B-16.0B | $17.07B |
| Q4 non-GAAP EPS guide | $0.25 | $0.43 |
Data center and AI revenue rose 78% to $7.3 billion and Intel Foundry revenue rose 58% to $6.7 billion (company release). GAAP EPS of $0.60 includes a $1.0 billion mark-to-market gain that non-GAAP excludes. The fourth-quarter non-GAAP gross margin guide of 38.0% is well below the third quarter’s 44.1%.
Why it matters: the outlook says the PC market is still weak even as data-center demand surges, and the lower margin guide undercuts the turnaround story that had lifted the stock this month.
Market reaction: shares closed the regular session at $92.07 (-3.62%) and fell more than 20% in extended trading (Reuters).
WMR data: going into the report Intel was up 7.7% over one week, so the after-hours drop more than erases that gain. Compare chip names on Semiconductor Cycle.
Next: Friday’s open, and AMD’s results on Nov 3 as the next read on PC and server demand.
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