Intel Corp. Shares Fall After Earnings Beat, Restructuring Charges

By Claudia AssisMarketsMarketWatch Pulse

Intel Corp. shares fell late Tuesday after the company reported third-quarter earnings that beat expectations and mentioned restructuring charges ahead. Intel said it earned $3.4 billion in the third quarter, or 69 cents a share, compared with $3.1 billion, or 64 cents a share, in the year-ago period. Adjusted for one-time items, Intel earned $3.9 billion, or 80 cents a share, compared with $3.2 billion, or 66 cents a share, a year ago. Sales reached $15.8 billion, up 9% compared with $14.5 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 73 cents a share on sales of $15.6 billion. Intel said it now expects $2.3 billion in restructuring and other charges, with most charges realized between now and the middle of next year. About $250 million is expected for the fourth quarter, the company said. Shares of Intel fell 3.7% in late trading after ending the regular session up 1.2%.

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