On Thursday, Intel reported its earnings for the third quarter, which were impacted by the chip shortage. The revenue of Intel's enterprise computing group was down 2% YoY to $9.7B.
- According to Intel CEO, Pat Gelsinger, the semiconductor chip shortage impact is "in the worst of it now, every quarter next year we'll get incrementally better, but they're not going to have supply-demand balance until 2023."
- The gross margin for Q3 was 56%, a 2.9% rise YoY. Intel expects it to decline but remain above 50%.
- Intel is in the process of investing $20B on a shift toward manufacturing, which includes a new semiconductor factory in Arizona.
- $INTC was down 9.62% to $50.61 pre-market on Friday.