Just weeks after an upbeat assessment about its prospects, chip giant Intel cut its revenue outlook for the third quarter based on weak demand for consumer PCs.
The company said in a statement that third quarter revenue will be US$11 billion, give or take US$200 million. That's down from a previous outlook of US$11.2 billion and $12 billion. Wall Street was expecting revenue of US$11.52 billion with earnings of 53 cents a share.
According to the company: "Revenue is being affected by weaker than expected demand for consumer PCs in mature markets. Inventories across the supply chain appear to be in-line with the company’s revised expectations."
Read more of "Intel cuts outlook; Consumer PC demand weak" at ZDNet.