Intel shares fell more than 12% in after-hours trading, dropping to $47.35, after the chipmaker issued weaker-than-expected guidance for the current quarter.

For the fourth quarter, Intel reported revenue of $13.67 billion, down 4.1% year on year, but above the market expectation of $13.43 billion. Adjusted earnings per share (EPS) came in at $0.15, up from $0.13 a year earlier and ahead of the consensus estimate of $0.09.

Looking ahead, Intel forecast first-quarter adjusted EPS of $0.00, below the market expectation of $0.08. The company also projected first-quarter revenue of $11.7 billion to $12.7 billion, compared with a consensus estimate of $12.56 billion.