Intel Shares Plunge on Weak Outlook
Intel shares dropped after hours following a weak quarterly revenue forecast and warnings of a cash burn. The chipmaker cited manufacturing bottlenecks and surging memory prices.
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INTEL CORP shares plunged 23% in extended trading on Thursday after warning of a cash-burning year due to supply bottlenecks and surging PC costs. The forecast marks a severe setback for the chip maker's turnaround efforts as demand falters globally. The steep drop threatens to erase more than $112 billion in market value during Friday's regular session.
