Intel Shares Plunge 16% as Israel Plant Blast Adds $600 Million Revenue Hit
Intel shares fell about 16% in after-hours trading after the chipmaker issued a weak fourth-quarter forecast and warned that a deadly explosion at its Kiryat Gat facility in Israel could result in approximately $600 million in lost revenue over two quarters.
By Admin · 30 Oct 2026 · 2 min read
Intel shares tumbled roughly 16% in after-hours trading on Thursday after the semiconductor giant forecast weaker-than-expected fourth-quarter sales and revealed the financial impact of a deadly explosion at its manufacturing plant in Kiryat Gat, Israel. The company said the blast, which killed two employees and seriously injured a third, is expected to cost approximately $600 million in lost revenue over the next two quarters. Chief Financial Officer David Zinsner said production at the facility is expected to begin ramping up again by the end of the week. For the fourth quarter of 2026, Intel forecast adjusted earnings of 25 cents per share and revenue between $15 billion and $16 billion. The outlook fell below analysts' expectations of $17.1 billion in revenue and 43 cents per share in earnings, raising concerns about continued weakness in the personal computer market. Despite the gloomy forecast, the company reported stronger-than-expected third-quarter results. Adjusted earnings reached 52 cents per share, surpassing analyst estimates of 40 cents, while revenue came in at $16.51 billion. Revenue increased 21% from a year earlier, driven by strong demand for data center and artificial intelligence products. However, investors focused on slowing PC demand and growing concerns over the costs associated with AI infrastructure expansion. The company's client computing and physical AI division reported declining revenue, while its data center and AI business posted strong growth. The sell-off extended beyond Intel, with technology stocks facing broader pressure. Market sentiment was also weighed down by heavy spending on artificial intelligence across the technology sector, contributing to declines in shares of major companies including Alphabet and Amazon. Analysts say investors will be closely watching how quickly production recovers at the Israeli facility and whether demand in the PC market improves in the coming quarters. Key Facts Intel shares fell about 16% in after-hours trading. The Kiryat Gat plant explosion killed two employees and injured another. The incident is expected to cost around $600 million in lost revenue. Fourth-quarter revenue is forecast at $15 billion to $16 billion. AI and data-center revenue surged, but PC demand remained weak.
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