Why Intel (INTC) Stock Crashed 29% on Friday

TLDR Intel (INTC) stock fell about 29% on Friday to close at $65.76, down from $92.07 on Thursday. Q3 revenue rose 21% to $16.5 billion, and adjusted EPS climbed 126% to $0.52. Q4 guidance of $15 billion to $16 billion in revenue and $0.25 EPS missed Wall Street’s $17.1 billion and $0.43 targets. Soaring memory chip prices hurt PC demand, and the CFO expects the slowdown to last through the first half of next year. The drop erased nearly $150 billion in market value and cut the US government’s stake to about $28.5 billion. Intel (INTC) stock closed Friday at $65.76, down $26.31 or about 29%. It had closed Thursday at $92.07. Shares traded as low as $63.20 during the session.

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