World Economy

Intel Cuts Revenue Forecast

Intel Cuts Revenue ForecastIntel Cuts Revenue Forecast

Intel Corp slashed nearly $1b from its first-quarter revenue forecast as small businesses put off upgrading their personal computers, sending the chipmaker’s shares down more than 5%, Reuters said. Fewer companies than Intel had expected replaced desktop PCs running on outdated Microsoft operating systems, leading to weak demand for its chips. Intel also cited “challenging” macroeconomic and currency conditions, particularly in Europe. Intel said on Thursday that it expected first-quarter revenue of $12.8b, plus or minus $300m – about 7% lower than its earlier forecast of $13.7b, plus or minus $500m.