Intel Corporation’s stock price fell more than 15% on Friday, Jan. 23, 2026, after the semiconductor company issued its financial outlook for the upcoming quarter and provided updates on its manufacturing operations. The market response followed a fourth-quarter earnings report in which the company exceeded revenue and earnings expectations.
During an earnings call with analysts on Thursday, Intel CEO Lip-Bu Tan stated that the company would not be able to meet the full demand for its products. He also said that production efficiency, known as yield, was below internal targets. “We are on a multiyear journey,” Tan said on the call. “It will take time and resolve.”
For the first quarter, Intel projected revenue to be in the range of $11.7 billion to $12.7 billion. The company forecast adjusted earnings per share to break even. This guidance was below analyst expectations compiled by LSEG, which had anticipated first-quarter earnings of 5 cents per share on $12.51 billion in revenue.
Despite the forward-looking guidance, Intel’s performance for the fourth quarter surpassed Wall Street estimates for both earnings and revenue.
The company’s foundry division, which manufactures chips for other companies, has been a focus for investors. Chief Financial Officer David Zinsner told CNBC that Intel expects to have customers for its next-generation 14A process technology in the second half of the year.
Following the earnings call, some financial analysts released commentary on the company’s position. Analysts at RBC Capital Markets noted that a significant revenue contribution from 14A customers might not occur until late 2028.
In a note to clients, analysts at Jefferies wrote, “We appreciate the recent excitement around opportunity for INTC but still don’t see a clear path forward given further share loss, no AI strategy and unclear fab/packaging opportunities.”
Prior to Friday’s stock decline, Intel shares had more than doubled over the past year. The increase followed a series of developments, including investments from the U.S. government, SoftBank, and Nvidia.
