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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.

Airlines call for Biden admin's "immediate intervention" in 5G deployment

Photo: Tayfun Coskun/Anadolu Agency via Getty Images

The CEOs of leading U.S. air cargo and passenger carriers on Monday warned the Biden administration there could be "catastrophic disruption" after AT&T and Verizon deploy a new 5G service this week.

Driving the news: They said in a letter to Transportation Secretary Pete Buttigieg and other top federal officials ahead of the C-Band 5G service's deployment Wednesday that "the nation's commerce will grind to a halt" and "could potentially strand tens of thousands of Americans overseas."

Updated 3 hours ago - Energy & Environment

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm lashed much of the East Coast Sunday and Monday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: Authorities in North Carolina confirmed that two people died in a car crash and that they responded 600 vehicle accidents during the storm on Sunday, per the Washington Post.