The tech bellwether said it now expects third-quarter sales between $12.9 billion and $13.5 billion, well below its prior forecast of $13.8 billion to $14.8 billion.
In a statement, Intel cited "weaker than expected demand in a challenging macroeconomic environment" for its guidance change.
"Relative to the prior forecast, the company is seeing customers reducing inventory in the supply chain versus the normal growth in third-quarter inventory; softness in the enterprise PC market segment; and slowing emerging market demand," it explained. Intel's data center business, however, is meeting expectations.Intel shares ended the week down 2.89% at $24.19.
Nokia (NOK - Get Report) shares slumped on Wednesday as investors shrugged off the handset maker's first phones running Microsoft (MSFT) Windows Phone 8. At a press event in New York, Nokia showed off two new phones: the Lumia 920 and the Lumia 820. The slightly larger Lumia 920 has a 4.5-inch HD display and Nokia's PureView camera technology, which it's touting as way for users to take high-quality photos typically associated with SLR cameras. The 920 also offers 32 GB of storage. The Lumia 820 has a 4.3-inch screen, 8 GB of storage, and an 8-Megapixel Carl Zeiss camera. Both devices use a dual-core Qualcomm (QCOM) processor. Investors, though, were unmoved by the latest additions, pushing Nokia's stock down more than 16% during Wednesday's trading. Nokia shares ended the week down 14.29% at $2.64 on Friday.
Earlier this week Facebook (FB - Get Report) CEO Mark Zuckerberg indicated he has no plans to sell any of his stock holdings in the social networking giant for at least 12 months. In a regulatory filing on Tuesday, Facebook also said it plans to temporarily waive some restrictions on certain employee stock sales for a short period following its third-quarter results next month. Facebook shares were down 2.21% at $18.98 during the week's trading.
The coming week promises to be a busy one for the tech sector. Apple holds its press event on Wednesday, while the Intel Developer Forum kicks off in San Francisco on Tuesday. TheStreet will be attending both events. -- Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices