Trending tickers: Intel, Apple, Amazon, Moderna

Lucy Harley-McKeown

Intel's share price looks set to shed as much as 21% when the market opens later on, with investors reacting to job cuts and suspended dividends as the computing giant tries to stir demand in its chip business.

The drop would amount to about $25bn in market value — the worst selloff for the company since 2000, according to Reuters calculations.

After the market closed on Thursday the company reported that it will cut around 15% of its global workforce, raising concerns about its ability to keep pace with other chip producers as demand for artificial intelligence products ramps up. It also forecast quarterly revenue below estimates.

Apple announced its third quarter earnings after the bell on Thursday, beating analysts' expectations on the top and bottom lines despite a year-over-year decline in iPhone sales.

Wall Street was closely watching Apple's performance in China, one of its most important markets. The company has fought to regain market share from homegrown rivals including Huawei, but fell short of expectations in the region.

Apple shares were little changed in Friday's pre-market trading after the report, down less than 1%.

Apple saw revenue out of Greater China top out at $14.7bn. Analysts surveyed by Bloomberg were anticipating revenue of $15.2bn. Apple reported China revenue of $15.7bn in the same quarter last year. Overall iPhone sales hit $39.2bn versus expectations of $38.9bn, falling short of the $39.6bn Apple saw in Q3 2023.

Despite the miss, Apple CFO Luca Maestri told Yahoo Finance's Josh Lipton that the company's sales are generally improving in the region. What's more, Maestri said Apple is seeing record upgrades in the country and that sales were better than in the first half of the year.

For the quarter Apple saw earnings per share (EPS) of $1.40 on revenue of $85.5bn. Analysts were anticipating EPS of $1.35 and revenue of $84.4bn, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 and revenue of $81.7bn in the same period last year.

Amazon stock was more than 8% lower in premarket trade on Friday after the e-commerce giant said it now projects weaker-than-expected revenue growth and increased spending on improving its AI tech.

It reported quarterly results after the market closed on Thursday, with revenue at $148bn. This missed analysts’ expectations of $148.7bn, though the company managed to beat earnings-per-share expectations by $0.23 ($1.26 per share).

Sales are expected to generate between $154bn and $158.5bn in Q3. The company said some of its troubles are down to unfavourable foreign exchange rates.

Moderna lost more than a fifth of its market value on Thursday, dropping after a Q2 report that beat expectations, but ultimately cut its full-year sales guidance. The cut came down to competition in the respiratory vaccines market in the US, it said.

Revenue is expected to come in between $3bn and $3.5bn, down from its previously stated $4bn.

Stock dropped more than 21% in trading hours on Thursday and looked set to continue declines when the market opens on Friday.

Moderna has begun shipping its mRESVIA shot, a vaccine for respiratory syncytial virus, however CEO Stephane Bancel told CNBC that there has been a higher "intensity of competition" in the market for respiratory vaccines.

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