Intel Shares Plunge on Disappointing Earnings Report, Weak Year Ahead Forecast

Computer chip maker Intel's logo is shown on a gaming computer display during the opening day of E3, the annual video games expo revealing the latest in gaming software and hardware in Los Angeles, Calif., on June 11, 2019. (Reuters/Mike Blake/File Photo

The stock of chip giant Intel plunged on Jan. 26 after the company reported disappointing fourth-quarter results and forecast more losses for the first quarter of 2023.

Intel’s stock price fell nearly 10 percent in extended trading after the Santa Clara, California-headquartered giant reported fourth-quarter revenue of $14 billion, down 32 percent year over year.