Intel forecasts quarterly revenue below estimates, stock falls

A man walks past the Intel logo at its booth during the first China International Supply Chain Expo (CISCE) in Beijing, China November 28, 2023. REUTERS/Florence Lo/File Photo

(Reuters) -Intel on Thursday forecast revenue for the first quarter that could miss market estimates by more than $2 billion, as it grapples with uncertain demand for its chips used in the traditional server and personal computer markets.

Shares fell 10% in after-hours trading, setting the stock up for a roughly $20 billion fall in market value on Friday if the losses held. Intel stock gained 66% in the past year, as the PHLX Semiconductor Index rose 53%.