Intel stock slumps 8% after poor earnings show softening demand for PCs

Intel stock closed down 8% on Friday, a day after the company reported disappointing second-quarter earnings that missed on the top and bottom lines. 

Intel’s revenue declined 22% year over year and missed consensus by 14%, the company’s largest top-line disappointment since 1999, according to Refinitiv data. It ended the quarter with a $454 million net loss, compared with net income of $5 billion in the year-ago quarter.

The company also…