Intel drops 9% after a reported hack forced the chipmaker to release its 4th-quarter earnings early
Intelshares fell as much as 9% on Friday after a reported hackforced the company to release earnings early.
- A hacker gained unauthorized access to financially-sensitive information from Intel's website, the FT said.
chipmaker's fourth-quarter revenue exceeded investor expectations and its own forecast.
Shares in Intel fell as much as 9% on Friday, after the company said its corporate website was hacked, pushing the chipmaker to release its fourth-quarter earnings earlier than planned.
George Davis, Intel's chief financial offer, told the Financial Times a hacker gained unauthorized access to sensitive data tied to its earnings report that was set to be published after the market close on Thursday. But upon finding out about the attack, the chipmaker released its results six minutes before the market close.
"An infographic was hacked off of our PR newsroom site," Davis told the newspaper. "We put our earnings out as soon as we were aware." Without providing further details, he said the breach was caused by an unlawful action that didn't involve any unintentional disclosure by Intel.
An Intel spokesperson told Insider the company is investigating reports that non-authorized access may have been obtained to one graphic from its earnings report.
Intel's fourth-quarter results exceeded investor expectations and beat the company's own forecast on the back of strong PC sales. The chipmaker saw quarterly revenue fall 1% year-on-year to $20 billion, but still beat the $17.49 billion estimate of analysts polled by Refinitiv. Net income for the quarter came in at $1.52 per share, compared to $1.10 expected.
Intel's shares closed up almost 7% at $62.46 on Thursday, but erased gains after the reported hacker's access to information.
Read More: GOLDMAN SACHS: These 22 stocks still haven't recovered to pre-pandemic levels - and are set to explode amid higher earnings in 2021 as the economy recovers
- Flyers are 'skiplagging' to try and save money on flight tickets. Airlines hate it.
- Electricity prices in Finland flipped negative — a huge oversupply of clean, hydroelectric power meant suppliers were almost giving it away
- After Germany enters recession, fears in Singapore of 'technical recession'
- Ambati Rayudu announces retirement from IPL
- Data protection bill to drive deep behavioural changes for platforms exploiting data: Chandrasekhar
- MS Dhoni set to play 250th IPL match of his career
- Samsung Galaxy A34 5G review: A Mid-range marvel
- 10 ways to reduce your home loan EMI burden