Intel on pace for worst day since 2020 on weak outlook

Intel CEO Pat Gelsinger speaks during an event called AI Everywhere in New York, Thursday, Dec. 14, 2023.Intel shares slumped 12% on Friday and headed for their steepest drop since July 2020, after the chipmaker issued a forecast for the current quarter that came in far short of analysts' estimates. In its earnings report late Thursday, Intel beat on profit and revenue, but the chipmaker said it expected adjusted earnings of 13 cents per share this quarter on between $12.2 billion and $13.2 billion in sales ...