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Chip giant INTLE plunged 177.5 billion overnight

Time:2020-10-26 Views:348
Under the epidemic situation, Intel failed to deliver satisfactory performance reports to the market. On Friday, Intel closed down more than 10%.
After the US stock market on October 22, Intel announced its performance report for the third quarter of fiscal year 2020. The financial report shows that Intel’s revenue this quarter was US$18.33 billion, a year-on-year decrease of 4%, slightly higher than market expectations in July; net profit was US$4.28 billion, a year-on-year decrease of 28.6%.

At the financial report that day, Intel’s Chief Financial Officer George Davis said that the decline in revenue was mainly affected by weak demand caused by the new crown pneumonia epidemic. Revenue from corporate and government markets fell by 47% year-on-year. High-end commercial PCs are shifting to entry-level consumer and educational products. Despite the increase in sales volume, the average selling price fell, which affected profitability. On the other hand, a new generation of high-end chips is more expensive to produce, squeezing profit margins.
The data center business that sells server chips is the main source of Intel’s profits. Due to the weak economy affecting sales to large companies and government customers, in the third quarter, Intel’s data center business group revenue was 5.91 billion US dollars, a year-on-year decrease of 7%. It was 4.8% less than the market expected 6.21 billion US dollars. Intel also expects that cloud server-related orders will slow down.

Cody Acree, an analyst at Loop Capital Markets, believes that he does not accept that Intel blames the decline in data center performance on the epidemic. He believes that the demand for personal computers in the market has increased in the past few months, which shows the impact of the epidemic on market demand. The impact is not that big.

In fact, the last time Intel’s stock price fell sharply in late July. At that time, due to the delay in 7nm chip production, the stock price suffered a sharp drop, plummeting 16.24%, and its market value evaporated by 41.5 billion US dollars (about 291.1 billion yuan).

Intel is developing 7-nanometer chip manufacturing technology, but it has been delayed than expected due to technical reasons. Due to the company‘s poor R&D on 7-nanometer chip products, Intel is not favored by the market. Now its stock price is only two-thirds of its old rival AMD, and its total market value is also lower than Nvidia.

Intel said its self-produced 7-nanometer chips will not be unveiled until the second half of 2022 to early 2023. The company said in a conference call on July 24 that 7-nanometer chips may be handed over to third-party foundries for production in the future. At the financial report meeting, Intel CEO Si Ruibo said that he will make a decision in January next year.
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