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Intel shares had their steepest drop on Friday since January 2016, after the company released disappointing full-year revenue guidance in its earnings report late Thursday.
Despite reporting better-than-expected earnings, shares fell after it reported a weak revenue forecast for 2019. The company expects sales to total $69 billion for the year, $2.05 billion below expectations.
The stock dropped 9% to $52.43 and is now up 12% for the year. The move shaved close to $24 billion from the company's market cap, leaving it valued around $235.8 billion.
The earnings report comes a week after Intel said it's exiting the highly anticipated 5G smartphone market. That move came after Apple and Qualcomm settled a long-standing legal dispute, paving the way for Apple to use Qualcomm's 5G modem chips when it eventually starts rolling out 5G-capable iPhones.
Shares of Qualcomm were up more than 1.3% in mid-day trading on Friday.