Intel (NASDAQ:INTC) Issues Q3 2024 Earnings Guidance

Intel (NASDAQ:INTC) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided EPS guidance of -0.030–0.030 for the period, compared to the consensus EPS estimate of 0.310. The company issued revenue guidance of $12.5 billion-$13.5 billion, compared to the consensus revenue estimate of $14.4 billion. Intel also updated its Q3 guidance to ($0.03) EPS.

Intel Stock Performance

Shares of NASDAQ:INTC traded down $7.57 during trading on Friday, reaching $21.48. The stock had a trading volume of 300,895,920 shares, compared to its average volume of 60,137,096. Intel has a 52 week low of $20.42 and a 52 week high of $51.28. The firm has a market capitalization of $91.44 billion, a price-to-earnings ratio of 22.38, a P/E/G ratio of 17.38 and a beta of 1.05. The company has a quick ratio of 1.14, a current ratio of 1.57 and a debt-to-equity ratio of 0.43. The stock has a fifty day simple moving average of $31.35 and a two-hundred day simple moving average of $36.71.

Intel (NASDAQ:INTC) last announced its earnings results on Thursday, August 1st. The chip maker reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.08). Intel had a return on equity of 1.82% and a net margin of 1.77%. The company had revenue of $12.80 billion for the quarter, compared to the consensus estimate of $12.92 billion. During the same period last year, the firm posted ($0.05) EPS. The company’s revenue was down .8% compared to the same quarter last year. As a group, analysts anticipate that Intel will post 0.07 earnings per share for the current fiscal year.

Intel Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Wednesday, August 7th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Wednesday, August 7th. This represents a $0.50 dividend on an annualized basis and a yield of 2.33%. Intel’s dividend payout ratio is currently 52.08%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on INTC shares. Hsbc Global Res downgraded shares of Intel from a hold rating to a moderate sell rating in a research note on Friday. Bank of America downgraded shares of Intel from a neutral rating to an underperform rating and reduced their target price for the company from $35.00 to $23.00 in a research note on Friday. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Intel from $38.00 to $27.00 and set a hold rating on the stock in a research note on Friday. Raymond James downgraded shares of Intel from an outperform rating to a market perform rating in a research note on Friday. Finally, HSBC downgraded shares of Intel from a hold rating to a reduce rating in a research note on Friday. Five analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Intel presently has an average rating of Hold and an average price target of $33.41.

About Intel

Intel Corporation designs, develops, manufactures, markets, and sells computing and related products and services worldwide. It operates through Client Computing Group, Data Center and AI, Network and Edge, Mobileye, and Intel Foundry Services segments. The company's products portfolio comprises central processing units and chipsets, system-on-chips (SoCs), and multichip packages; mobile and desktop processors; hardware products comprising graphics processing units (GPUs), domain-specific accelerators, and field programmable gate arrays (FPGAs); and memory and storage, connectivity and networking, and other semiconductor products.