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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.

Updated 1 hour ago - Politics & Policy

Here come Earmarks 2.0

DeLauro at a hearing in May 2020. Photo: Alex Wong/Getty Images

The House Appropriations Committee is preparing to restore a limited version of earmarks, which give lawmakers power to direct spending to their districts to pay for special projects.

Why it matters: A series of scandals involving members in both parties prompted a moratorium on earmarks in 2011. But Democrats argue it's worth the risk to bring them back because earmarks would increase their leverage to pass critical legislation with a narrow majority, especially infrastructure and spending bills.

Ben Geman, author of Generate
2 hours ago - Energy & Environment

UN says Paris carbon-cutting plans fall far short

Illustration: Sarah Grillo/Axios

Nations' formal emissions-cutting pledges are collectively way too weak to put the world on track to meet the Paris climate deal's temperature-limiting target, a United Nations tally shows.

Driving the news: This morning the UN released an analysis of the most recent nationally determined contributions (NDCs) — that is, countries' medium-term emissions targets submitted under the 2015 pact.