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Illustration:Rebecca Zisser/Axios

Leading U.S. chipmaker Intel beat earnings estimates for the most recent quarter in results reported Thursday, but its stock plunged after hours after it revealed a gloomier outlook for the rest of the year and new delays in delivering its next-generation 7-nanometer chips.

Why it matters: This is the first quarter to reflect the full impact of the coronavirus pandemic on the U.S. and global economy.

Details:

  • The company reported $1.23 per share in earnings, adjusted, vs. $1.11 per share that analysts expected, according to Refinitiv.
  • Its revenue was $19.73 billion, vs. an analyst expectation of $18.55 billion, according to Refinitiv.

Go deeper

Ina Fried, author of Login
Oct 29, 2020 - Technology

Apple sets September quarter sales record despite later iPhone launch

Apple CEO Tim Cook, speaking at the Apple 12 launch event in October. Photo: Apple

Apple on Thursday reported quarterly sales and earnings that narrowly exceeded analysts estimates as the iPhone maker continued to see strong demand amid the COVID-19 pandemic.

What they's saying: The company said response to new products, including the iPhone 12 has been "tremendously positive" but did not give a specific forecast for the current quarter.

Amazon posts strong Q3 results despite ongoing pandemic costs

Photo: Ina Fassbender/AFP via Getty Images

With the pandemic driving consumers to shop online, Amazon beat analyst expectations on Thursday with its Q3 results, though its stock price didn't see much of a bump.

Why it matters: Despite incurring what it estimates was about $2.5 billion in pandemic-related costs during the quarter, Amazon's revenue grew 37% year-over-year to $96.1 billion and its profits to $6.3 billion, up 197% year-over-year.

Oct 29, 2020 - Technology

Alphabet revenue up 14% after second-quarter slump

Illustration: Lazaro Gamio/Axios

Google parent company Alphabet beat Wall Street expectations in the third quarter of 2020, announcing total revenues of $46.2 billion with its shares rising more than 9% in after-hours trading.

Why it matters: The company rebounded with its revenue up 14% after a tough second quarter, when its saw its first-ever revenue decline attributable to a lowered advertising growth rate amid the COVID-19 pandemic.