Intel cuts outlook on weak PC demand; shares drop |
| Reuters Canada - Sep 7, 2012 |
Intel Corp cut its third-quarter revenue estimate more than expected on Friday due to a decline in demand for its chips as customers reduce inventories and businesses buy fewer personal computers.
Intel also said it was scaling back capital spending as a result of the business slowdown. Intel's stock was down 3.7 percent on Friday afternoon, and shares of ASML Holding NV and other companies that make chip-manufacturing equipment also lost ground.
A revision of Intel targets had been expected by some analysts after PC makers Hewlett Packard Co and Dell Inc warned of slow demand last month, a development that has been compounded by a shaky global economy and consumers shifting toward tablets and smartphones.
But the 8 percent reduction in the top chipmaker's revenue outlook was much more severe than expected. Intel also withdrew its full-year forecast.
Read Full Article from Reuters Canada
- Posted: 2012-09-07 16:19:35
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