Intel cuts third-quarter revenue forecast

PanARMENIAN.Net - Intel Corp., the world’s largest semiconductor maker, reduced its third-quarter revenue forecast and withdrew previous full-year projections, citing weaker demand in a challenging macroeconomic environment, according to Bloomberg.

Third-quarter sales will be $13.2 billion, plus or minus $300 million, compared to a prior projection of $13.8 billion to $14.8 billion, the Santa Clara, California-based company said in a statement today. Analysts on average had estimated sales of $14.2 billion.

Gross margin will be 62 percent in the period, plus or minus one percentage point, down from the prior forecast of 63 percent, plus or minus a “couple of percentage points.” Analysts had projected 63 percent, according to Bloomberg data.

“All other full-year expectations have been withdrawn and will be updated with the company’s third-quarter earnings report on Oct. 16,” Intel said in the statement.

The company in July scaled back its annual sales forecast as personal-computer demand fails to rebound among consumers in the U.S. and Europe. Revenue will rise 3 percent to 5 percent in 2012, Intel said that month, lower than an earlier projection for a gain at a percentage in the high single digits.