Intel Corp shares declined 2.5 percent on Wednesday after executives forecast mo...
SAN FRANCISCO - Intel Corp shares declined 2.5 percent on Wednesday after executives forecast modest profit growth over the next three years, signaling it is likely to lag big rivals as the once-dominant chipmaker catches up in technology.
Intel once dominated the most important chip market with more than 90 percent share for the brains of personal computers. As PC sales have stagnated, it has expanded into data center processors, memory and networking chips. Chief Executive Officer Bob Swan said on Wednesday the company sees both revenue and earnings per share growing in the “single digit” percentage range over the next three years, with flat PC chip sales offset by “double digit” percentage revenue growth in data center chips.
Intel shares dropped in late trading on Wednesday as executives gave the presentation and closed 2.5 percent lower at $49.24.
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