5 Stocks in Focus After Releasing Their Earnings Reports

1. Intel Corporation (NASDAQ:INTC)

Number of Hedge Fund Holders: 78

Shares of Intel Corporation (NASDAQ:INTC) fell sharply in the pre-market trading on Friday, 22 October 2021, despite beating expectations for the third quarter. The chipmaker giant reported adjusted earnings of $1.71 per share, ahead of the consensus forecast of $1.11 per share.

Intel Corporation (NASDAQ:INTC) had posted earnings of $1.08 per share for the comparable period of 2020. In addition, revenue for the quarter rose five percent on a year-over-year basis to $19.2 billion, beating expectations of $18.24 billion.

Revenue at the company’s biggest business, the client computing unit, slipped two percent on a year-over-year basis to $9.7 billion. Intel Corporation (NASDAQ:INTC) blamed component shortages for the decline.

Speaking on the results, CEO Pat Gelsinger said:

“Q3 shone an even greater spotlight on the global demand for semiconductors, where Intel has the unique breadth and scale to lead. Our focus on execution continued as we started delivering on our IDM 2.0 commitments. We broke ground on new fabs, shared our accelerated path to regain process performance leadership, and unveiled our most dramatic architectural innovations in a decade. We also announced major customer wins across every part of our business.”

Intel Corporation (NASDAQ:INTC) also released its financial outlook for the fourth quarter and full year. For the fourth quarter, it expects adjusted earnings of 90 cents per share on revenue of about $19.2 billion. This compares to the consensus forecast of $1.01 per share for earnings and $18.25 billion for revenue.

For the full year, the company expects adjusted earnings of $5.28 per share on revenue of about $77.7 billion, compared to analysts’ average estimate of $4.79 per share for earnings and $73.59 billion for revenue.

You can also take a peek at Top 10 SPACs to Buy According to Richard Gerson’s Falcon Edge Capital and 10 Best Oil Stocks To Buy According To Hedge Funds.

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