Bernstein analyst on Intel earnings: ‘I don’t think I’ve ever seen anything quite like this before’
Intel ‘s earnings miss and weak guidance is “something special,” according to Bernstein senior analyst Stacy Rasgon. The company missed expectations of analysts polled by Refiitiv for both adjusted per-share earnings and revenue in the fourth quarter. Its revenue declined 32% year over year in the quarter. The company also offered guidance for first-quarter per-share earnings and revenue that was below Refinitiv’s respective consensus estimates. Intel is expecting an adjusted net loss of 15 cents per share on $10.5 billion to $11.5 billion in revenue, compared with Refinitiv’s expected 24-cent gain in per-share earnings on $13.93 billion in revenue. “I don’t really know what to say,” Rasgon said following the report on CNBC’s “Closing Bell: Overtime.” “I don’t think I’ve ever seen anything quite like this before. This is something special.” The stock tumbled more than 8% following the report. Intel’s earnings call is scheduled for 5 p.m. ET. Rasgon said the weak margins and forward guidance are most disappointing. He has an underperform rating on the stock.