Intel shares slump ahead of third-quarter results on 29 October

Why people are searching today

Intel reports its third-quarter 2026 results after the market closes on 29 October, and investors are checking the stock after a sharp week [2]. The shares fell 10% in the week through Thursday's close, while the Nasdaq 100 dropped 3% [1]. On Friday the stock rose 1.7% to $87, still up 136% in 2026 [1].

Most of Thursday's drop came after Lam Research guided to about $8.6 billion of revenue for the December quarter at the midpoint. Lam's CFO, Doug Bettinger, cited near-term supply chain constraints, and Intel itself had no news that day [1].

The chip selloff and Intel's own risks

The move was part of a wider drop in chip stocks. Intel had already fallen sharply on 8 October, when it closed at $107.08, down 5.34% and more than 6% lower during the session. Yahoo Finance tied that day's chip selloff to a Financial Times report questioning OpenAI's revenue, and Intel published no news of its own [2].

Intel has its own worries as well. On 15 October TSMC's chief executive said TSMC would support customers who were short of packaging capacity, which the TIKR article reads as a concern for Intel. Intel has not named a packaging customer. A blast on 14 October at its Kiryat Gat plant in Israel also raised questions, and Intel has not said whether production was cut [1].

The valuation has also come down. The stock trades at about 51 times forward earnings, down from 63 times on 8 October, which is in line with its five-year average [1].

What the numbers need to show

Analysts expect about $16.4 billion of revenue for the quarter, against the $16.8 billion top of Intel's guidance [2]. The second quarter already beat expectations, with revenue of $16.13 billion, up 25.42% from a year earlier, and adjusted earnings of $0.42 a share against a consensus of $0.22 [2].

The bigger questions sit further out. Consensus still expects negative free cash flow in 2026 and 2027, turning positive in 2028 [2]. Chief financial officer David Zinsner has said capital spending will rise significantly in 2027, without giving a figure [2].

What to watch next

The first thing to watch is whether revenue lands near the top of guidance and whether the company explains the packaging and supply questions. The second is the 2027 capital spending figure, which determines how long the cash burn lasts. The third is whether the market keeps treating Intel as a foundry turnaround story or as a chip stock that moves with the sector. The TIKR analysis says investors who believe in the foundry plan may add to their positions, but that the 29 October report has to back that up [1].