Intel shares plunge 20% after weak quarterly forecast

Intel's quarterly forecast disappointed the stock market, causing shares to plunge about 20% in after-hours trading. The chipmaker projected revenue of $15-16 billion for the current quarter, well below analyst expectations of $17 billion. Intel also forecast adjusted earnings per share of 25 cents, significantly missing the market's 43-cent estimate. CFO David Zinsner cited weakening business due to high memory prices reducing computer purchases, with PC demand expected to remain slow through the first half of 2027. Last quarter's revenue rose 21% year-over-year to $16.5 billion, roughly matching expectations, but net profit fell 18% to $3.3 billion. Memory prices have surged recently due to strong demand for AI data center expansion.