Why did Intel stock take a hit Wednesday?

Shares of Intel Corp. took a hit Wednesday after the semiconductor giant disclosed that a U.S. government ruling would prevent the export of some of the company's products to a customer in China. Intel said that the U.S. Department of Commerce revoked certain licenses for exports of certain items to a customer in China.

Did Intel misrepresent its business prospects?

SAN DIEGO-- (BUSINESS WIRE)---- $INTC #INTC--Robbins LLP is Investigating the Allegations that Intel Corporation (INTC) Misrepresented its Business Prospects. The U.S. Commerce Department revoked Intel and Qualcomm export licenses to Chinese firm Huawei after the blacklisted telecommunications firm unveiled a new AI-powered laptop.

What did intel report in Q1 2023?

Intel Reports First-Quarter 2023 Financial Results :: Intel Corporation (INTC) Advanced Micro Devices Expected to Post Loss, Declining Revenue -- Earnings Preview Fiscal Q1 2023 ended 4/1/23. Reported on 4/27/23. Measures how much net income or profit is generated as a percentage of revenue.