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Dell Technologies (DELL) - Get Dell Technologies Inc Class C Report shares traded lower Wednesday after the world's third-largest personal computer maker said a shortage of chips from its main supplier, Intel Corp (INTC) - Get Intel Corporation Report , would hit sales for the final months of the year. 

Dell said its client solutions group sales, which include it PC business, rose 4.6% over the three months ending on November 1 to $11.41 billion, helping group non-GAAP revenues rise 1% to $22.9 billion, just shy of the Street consensus forecast of $23 billion. 

Non-GAAP earnings topped analysts' forecasts at $1.75 per share for the fiscal third quarter, but the group said the Intel chip shortage has "worsened" and is now impacting shipment forecasts for the final months of the year. Dell now sees fiscal 2020 revenues in the range of $91.5 billion to $92.2 billion, a $2 billion reduction from the higher end of its prior forecast. 

"The reduction of the range is principally due to the Intel supply dynamic," CFO Thomas Sweet told investors on a conference call late Tuesday. "We continue to see macro headwinds in China and softening client solutions demand post the Win 10 refresh."

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"That coupled with the Intel's CPU supply constraints in the global macro environment leads a slightly more cautious on fiscal 2021 growth," he added. "We also expect the benefit of the fiscal year 2020 component cost deflation to wane as component cost of forecast is to be inflationary in fiscal 2021."

Dell shares were marked 3% lower at the start of trading Wednesday to change hands at $51.04 each, a move that would trim the stock's year-to-date gain to just 4.6%. Intel shares, meanwhile, were seen 1% lower from Tuesday's close at $58.26 each. 

Last week, Intel apologized for delays linked to shipping its signature chips to clients, while adding it hoped to increase capacity and raise its supply in the second half of the year by double digits even as it warned that "sustained market growth in 2019 has outpaced our efforts."

"Despite our best efforts, we have not yet resolved this challenge," said Intel executive vice president Michelle Johnston-Holthaus.