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Shares in US technology company Intel are trading a little lower pre-market on Tuesday.
The company’s stock price has been broadly lower following a disappointing set of third-quarter earnings last week. These have been exacerbated by the risk-off tone to markets this week.
Shares in Intel are now trading around 17% off their recent October peak following the release. Intel reported third-quarter earnings per share of $1.01. This undershot expectations of a $1.11 reading.
The company also reported revenues of $18.33 billion, beating estimates of an $18.25 billion reading. However, revenues were down 4% year on year.
Government & Business Revenues Down
One of the key factors of the report which has negatively impacted investor sentiment was the decline in revenues in the group’s Data Center Group.
At $5.91 billion, revenues were down 7% year on year and less than the $6.21 the market was looking for.
Notably, Intel also reported that revenues from businesses and govern...
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