Intel drops 9% after a reported hack forced the chipmaker to release its 4th-quarter earnings early - Business Insider

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• Intel shares fell as much as 9% on Friday after a reported hack forced the company to release earnings early.
• A hacker gained unauthorized access to financially-sensitive information from Intel's website, the FT said.
• The chipmaker's fourth-quarter revenue exceeded investor expectations and its own forecast.
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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.

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The Link Lonk


January 23, 2021 at 12:21AM
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Intel drops 9% after a reported hack forced the chipmaker to release its 4th-quarter earnings early - Business Insider

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