$INTC · Schwab Network · 2026-10-30
对 Intel 的看法偏空，因为疲弱的第四季度指引——营收 150 亿至 160 亿美元、较预期低约 10 亿美元，调整后每股收益 25 美分、预期为 43 美分——压过了本季尚可的表现：营收 165.1 亿美元、符合预期，每股收益 52 美分、预期为 40 美分。PC 营收同比下降 5%，预计 PC 业务下滑 20% 多的中段，且因内存成本上升，2027 年上半年将放缓；此外，数据中心供应短缺和一座以色列晶圆厂受冲击，预计两个季度合计造成 6 亿美元营收损失，也构成压力。
逐段跳播
好的，我们来谈谈 Intel。该股今天在早盘交易中遭到抛售。是的，这是因为指引疲软。如果实际看这个季度，他们公布的盈利大部分还算不错。营收与华尔街预期一致，为165.1亿美元。
调整后每股收益为52美分。华尔街预期为40美分。
All right let's talk Intel. as stock being slammed today in uh early trading here. Yeah, this is because of a weak guidance. If you actually look at the quarter, it reported for the most part decent earnings.
Revenue came in line with the street's expectations at 16.51 billion. The adjusted earnings per share came in at 52 cents. Street was looking at 40 cents.
但看PC业务这一块，它实际上同比下降了5%。而且他们的指引也偏低，大约差了10亿美元。他们对第四季度的营收指引在150亿到160亿美元之间。市场原本预期是70.7亿美元。再看调整后每股收益预期，第四季度指引是25美分，而市场原本预期是43美分。
But when you're looking at the PC group, that actually was down 5% on a year-over-year basis. And their guidance came in light, actually about a billion dollars. Their revenue guidance for Q4 is between 15 billion and $16 billion.
Sh was looking for $7.07 billion. And when you're looking at the adjusted earnings per share estimate that came in at 25 cents for the Q4 guide, Street was looking for 43 cents.
这些全都出在PC这一块，他们实际上预计该业务本季度会下降到20%多的中段区间，并且预计2027年上半年会放缓。这是因为内存成本在上涨，而很多PC的这轮涨价可能会抑制需求，这也是市场里一些人一直担心的事。
And this is all on the PC side, they are actually expecting that to be down uh to the mid 20% range for the quarter and they are expecting a slowdown in the first half of 2027.
This is because of the rising cost when it comes to memory and that pricing increase for a lot of those PCs may be dampening demand which has been a fear uh for some within the market.
他们也无法真正像自己希望的那样充分利用数据中心业务，因为该业务存在短缺。
They're also unable to really capitalize on the data center business as much as they would like to uh to be able to do so because of the shortages within that business.
现在，他们也将部分原因归咎于一家以色列的晶圆厂，这家工厂显然因为当地正在发生的冲突而受到了打击。他们预计未来两个季度会受到约6亿美元的影响，也就是营收损失。而且他们本季度的利润率也确实受到了影响。
Now, they also blame some of the myth here because of an Israeli uh fabrication factory that was actually hit because of obviously the conflict that's happening over there. And they expected to have around a $600 million impact or loss of revenue over the next two quarters.
And they also did see an impact when it came to margins in the current quarter as well.
但这仍然不足以基本抵消他们给出的第四季度疲软表现和指引。
But that's still not enough to basically offset the weakness and guidance that they provided for Q4.
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