Intel shares plummeted 23.56% on October 30 following a warning from the CFO that positive free cash flow is unlikely by 2027. The company also projected a 6% decline in fourth-quarter revenue and a non-GAAP gross margin of 38.0%. Additionally, an explosion at the Kiryat Gat plant in Israel resulted in a $300 million financial impact for the quarter. These combined factors contributed to the significant drop in stock value.
The company linked the impact to the Kiryat Gat plant explosion as it faces manufacturing supply shortages, a memory crunch and weak PC demand.
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