This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Intel Slashes Revenue Forecast

SAN FRANCISCO -- Intel (INTC - Get Report) sharply reduced its fourth-quarter sales expectations Wednesday, citing "significantly" weaker-than-expected demand in all regions and across all product types.

The world's No. 1 maker of PC microprocessors said revenue in final three months of the year is now expected to be $9 billion, plus or minus $300 million, instead of its previously forecasted range of $10.1 billion to $10.9 billion.

Intel also said its gross profit margin in the quarter will be 55%, plus or minus a couple of points, instead of the 59% level previously expected.

The news comes a week after CEO Paul Otellini described the current economic slowdown as the worst he'd seen in his lifetime.

Intel was slated to give Wall Street a midquarter update on Dec. 4, but the company said that Wednesday's warning replaces that event.

Shares of Intel were halted; they're scheduled to resume trading at 5:20 p.m. EST. The stock closed the regular session off 2.9% to $13.54.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
INTC $32.50 1.31%
AAPL $132.65 1.82%
FB $81.91 0.47%
GOOG $555.37 -1.71%
TSLA $231.55 6.01%

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs