Intel Says Revenue Will Fall Short of Expectations, Cuts Jobs

Category: Business

Intel Corp. announced disappointing third-quarter revenue projections of $12.5 billion to $13.5 billion, leading to over 15,000 job cuts and an 18% drop in shares. The company reported a projected loss of 3 cents per share, contrasting with analysts' expectations of a profit.

Keywords: Intel, third-quarter revenue, job cuts

Source: Bloomberg

Update At: 8/2/2024

Related Sources

Chinese firm Fuyao raided in US over alleged financial crimes and labour abuse

Special agents from multiple US law enforcement agencies are investigating Fuyao Glass America for allegations of financial crimes and labor exploitation. The investigation involves search warrants executed at the Fuyao plant in Ohio and other locations, focusing on money laundering and potential human smuggling. Fuyao confirmed cooperation with the investigation, which has raised concerns amid US-China tensions and could impact the upcoming presidential election.

South China Morning Post

McDonald's same-store sales fall for the 1st time since pandemic, profit slides 12%

McDonald's reported a 1% decline in same-store sales globally for the second quarter, marking the first drop since late 2020. The decrease was attributed to fewer customer visits, particularly in the U.S., China, and other regions, amid rising inflation and perceptions of the company's political stance. Despite fewer customers, those who visited spent more due to price increases. Quarterly revenue remained flat at $6.5 billion, slightly below expectations, and net income fell 12% to $2 billion.

ABC News - Breaking News, Latest News and Videos

McDonald's earnings, revenue miss estimates as consumer pullback worsens

McDonald's reported a decline in quarterly earnings and revenue, with same-store sales down 1% across all divisions. The fast-food chain's net income fell to $2.02 billion, and U.S. same-store sales decreased by 0.7%. The company is facing increased competition and has introduced discounts to attract customers, while international markets also experienced sales declines.

CNBC

McDonald's misses Q2 estimates across the board, as consumers pull back on dining out

McDonald's Q2 earnings fell short of Wall Street expectations, with revenue at $6.49 billion and adjusted earnings of $2.97. Same-store sales declined globally for the first time since Q4 2020, driven by decreased foot traffic and challenging macro conditions. The company is focusing on value offerings, including a $5 meal deal, to attract customers amidst rising prices. Analysts express concerns about the effectiveness of these initiatives in boosting sales growth in the near term.

Yahoo Finance

McDonald’s Sales Fall in First Since 2020 as Traffic Drops

McDonald’s Corp. experienced a sales decline for the first time since 2020 in the second quarter, with comparable sales down 1% year-over-year across all geographic segments, primarily due to reduced foot traffic in the US despite higher prices.

Bloomberg

McDonald's posts weak quarterly results as higher fast food prices hurt demand

McDonald's reported a 1% decline in global sales for the second quarter, marking its first drop in 13 quarters, as higher menu prices deterred cash-strapped customers. The company plans to extend its $5 meal deal to attract more visitors, but faces challenges from inflation and competition from rivals. U.S. comparable sales fell 0.7%, and international sales dropped 1.1%, with significant impacts from the Middle East conflict and a slower recovery in China.

Fox Business

What You Need To Know Ahead of McDonald's Earnings

McDonald's is set to report earnings, with expectations of slight revenue growth to $6.63 billion but a decline in net income to $2.24 billion. Analysts suggest inflation may pressure earnings, though a focus on value meals could attract customers back. The $5 value meal promotion is likely to extend into August, reflecting positive early indications of customer return. McDonald's shares have decreased by 15% this year.

Investopedia

McDonald’s reports first drop in sales since 2020 as customers pull back spending

McDonald’s reported its first sales drop since the pandemic, with US same-store sales down 0.7% in Q2, missing analyst estimates. The company introduced a $5 value meal to attract customers amid rising prices, but international sales also fell by 1.1%. Revenues reached $6.5 billion, below expectations, and adjusted earnings per share decreased to $2.97. CEO Chris Kempczinski noted that inflation has led consumers to be more selective with their spending.

New York Post

McDonald's posts earnings, revenue miss By Investing.com

McDonald's reported a decline in second-quarter earnings and revenue, with adjusted EPS of $2.80 and revenue of $6.49 billion, both missing analyst estimates. Global comparable sales fell by 1.0%, with negative performance across all segments. CEO Chris Kempczinski attributed the results to the 'Accelerating the Arches' strategy, despite various charges impacting earnings. The stock initially dropped 1% but later rose 0.7% premarket. The company did not provide specific guidance for future quarters but remains focused on delivering value and growth.

Investing.com

Pfizer Lifts Outlook as Company Seeks to Rebuild Post-Covid

Pfizer Inc. has raised its profit expectations for 2024, anticipating adjusted earnings between $2.45 and $2.65 per share, following a strong second-quarter performance that exceeded analysts' estimates.

Bloomberg