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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

Ina Fried, author of Login
Nov 17, 2020 - Economy & Business

Airbnb's IPO bets on a post-pandemic future

Illustration: Sarah Grillo/Axios

In filing for a $1 billion stock offering Monday, Airbnb is betting investors will look past the company's coronavirus-induced struggles and see a brighter future.

Between the lines: Airbnb faces pressure to go public despite the pandemic so it can deliver liquidity both to investors and to early employees, whose options will eventually expire.

2 hours ago - Podcasts

Former Georgia Gov. Roy Barnes on the Senate runoffs

The future of U.S. politics, and all that flows from it, is in the hands of Georgia voters when they vote in two Senate runoffs on January 5.

Axios Re:Cap digs into the election dynamics with former Georgia Gov. Roy Barnes, a Democrat who served between 1999 and 2003.

2 hours ago - Health

Cuomo orders emergency hospital protocols as COVID capacity dwindles

Gov. Andrew Cuomo. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

New York Gov. Andrew Cuomo said on Monday that struggling state hospital systems must transfer patients to sites that are not nearing capacity, as rising coronavirus cases and hospitalizations strain medical resources.

Why it matters: New York does not expect to get the same kind of help from thousands of out-of-state doctors and nurses that it got this spring, Cuomo acknowledged, as most of the country battles skyrocketing COVID hospitalizations and infections.