Intel stock plunges 21% on weak Q4 forecast despite earnings beat

Intel stock plunged over 21% in after-hours trading Thursday after the chipmaker issued a weaker-than-expected fourth-quarter forecast, overshadowing its third-quarter earnings beat and strong growth in data center and AI revenue. Intel reported adjusted earnings of 52 cents per share, above Wall Street's 40-cent estimate, with revenue climbing 21% to $16.51 billion, narrowly missing expectations. However, the company forecast Q4 revenue between $15 billion and $16 billion, below analysts' $17.08 billion estimate, and adjusted earnings of 25 cents versus the expected 44 cents. Intel's data center and AI revenue surged 78% to $7.3 billion, while Client Computing fell 5% to $8.1 billion. CFO David Zinsner cited PC slowdown continuing through the first half of next year, though CEO Lip-Bu Tan expressed long-term confidence in computing platform demand.