Intel fell more than 28%, its biggest drop since 1982

According to news from this website on August 2, when US stocks opened today, Intel plummeted by more than 28%, the largest decline since at least 1982. As of this writing, Intel's decline has shrunk to 28%, to US$20.92, with a market value of approximately US$93 billion.

Intel announced its financial results for the second quarter of fiscal year 2024

1. Revenue: US$12.8 billion, down 1% year-on-year
2. Attributable net loss: US$1.6 billion, net profit of 15% in the same period last year US$100 million, turning profit into loss year-on-year
3. Adjusted attributable net income (non-GAAP): US$100 million, down 85% year-on-year
4. Both adjusted earnings per share and revenue were lower than expected
5. Intel announces layoffs of more than 15%
6. S&P places Intel on credit negative watch list

Analyst price target and rating cut:

1. Morgan Stanley: price target lowered to $25 from $36
2. JPMorgan Chase: Price target cut from $35 to $26
3. Goldman Sachs: Price target cut from $29 to $22
4. Bank of America: Target price cut from $35 to $23
5. Bernstein: Price target cut from $35 lowered to $25
6. Jefferies: Price target lowered from $34 to $28
7. HSBC: Target price lowered from $35 to $19.8
8. TD COWEN: Target price lowered from $35 to $25
9. Deutsche Bank: Price target lowered to $27 from $38
10. Raymond James: Rating downgraded to Market Perform
11. New Street Research: Rating downgraded to Neutral
12. Benchmark: Rating downgraded to Hold

The above is the detailed content of Intel fell more than 28%, its biggest drop since 1982. For more information, please follow other related articles on the PHP Chinese website!