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Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

Shares of Intel fell as much 10% in after-hours trading Thursday — after the company posted quarterly revenue and earnings generally in line with expectations.

Why it matters: The chip giant is a bellwether for the PC industry, and small signs of weakness may be playing an outsize role in spooking investors.

Between the lines: The stock drop came after Intel reported third-quarter revenue from its data center unit of $5.9 billion, down from the prior-year period and some 5% below analyst expectations, per CNBC.

  • The company has also been struggling to get its next-generation manufacturing efforts up and running.
  • Intel stock was trading at $48.55 as of 4:45 p.m. ET, down $5.35, or more than 10%, from the closing-bell price before the earnings report.

By the numbers: Overall revenue came in just ahead of expectations, while bottom-line earnings were basically in line with, or ahead of, Wall Street consensus. In the third quarter, Intel notched:

  • Revenue of $18.3 billion, down 4% year-over-year but above Intel's prior guidance for the quarter.
  • Per-share earnings of $1.11, down 22% year-over-year but above prior guidance.

Of note: Intel said strong sales of notebook computers helped offset negative pandemic-related impacts on its sales to large businesses and government customers.

Meanwhile: The company announced earlier this week it is selling its flash memory unit to Korea's SK Hynix for $9 billion.

What they're saying: "Our teams delivered solid third-quarter results that exceeded our expectations despite pandemic-related impacts in significant portions of the business,” CEO Bob Swan said in a statement.

Go deeper

Ben Geman, author of Generate
Jan 29, 2021 - Energy & Environment

Electric vehicle sales far surpass pandemic expectations

Data: EIA; Note: 2020 figures are preliminary; Chart: Axios Visuals

New International Energy Agency preliminary data shows that worldwide sales grew by an estimated 40% last year, exceeding the agency's expectations.

Why it matters: The increase occurred despite a drop on overall global vehicle sales.

FTC releases findings on how Big Tech eats little tech

Photo illustration: Sarah Grillo/Axios. Photo: An Rong Xu/Washington Post via Getty Images

Federal Trade Commission chair Lina Khan signaled changes are on the way in how the agency scrutinizes acquisitions after revealing the results of a study of a decade's worth of Big Tech company deals that weren't reported to the agency.

Why it matters: Tech's business ecosystem is built on giant companies buying up small startups, but the message from the antitrust agency this week could chill mergers and acquisitions in the sector.

First look: Biden's economic case for green cards

Photo: Win McNamee/Getty Images

The White House Council of Economic Advisors (CEA) is promoting the economic benefits and costs of providing green cards to millions of unauthorized immigrants in a blogpost being released on Friday, according to a draft provided to Axios.

Why it matters: The post comes as the fate of millions of immigrants, including those with Temporary Protected Status or DACA protections, rests with Congress — and the Senate parliamentarian.