Computer chipmaker Intel saw shares slide Thursday after reporting weak sales for its data center and internet of things operations that overshadowed improvement in the personal computer market.

Third-quarter profits slipped 29 percent to $4.3 billion, and revenue declined four percent to $18.3 billion.

Intel shares plunged some 10 percent in after-hours trade on the news.

The quarterly results "exceeded our expectations despite pandemic-related impacts in significant portions of the business," said chief executive Bob Swan.

"Nine months into 2020, we're forecasting growth and another record year, even as we manage through massive demand shifts and economic uncertainty."

Intel benefited from strong PC sales during the pandemic but saw weakness in its enterprise and memory business, along with sales of connected devices.

The tech company said it continues to work on new products in growth areas such as 5G wireless and autonomous driving systems. Its Mobileye autonomous vehicle unit returned to growth in the third quarter as global vehicle production improved, Intel said.

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Researching the chips of the future
Valencia, Spain (SPX) Oct 20, 2020
The chips of the future will include photonics and electronics; they will have a bandwidth, speed and processing and computing abilities that are currently unthinkable; they will make it possible to integrate many other components and their capabilities will increase exponentially compared to electronic chips. In all, they will be essential in many fields; they will bring us a little closer, for example, to quantic computing or to the autonomous car. The key resides in programmable photonics, a te ... read more