Intel issues fourth-quarter warning
Intel issued a fourth-quarter warning on Wednesday, noting its financial performance will be less than previously forecast and comes a day after downgrades by analysts. The chip giant is scaling back its forecast as its revenues come in "significantly weaker" than expected across all its market segments and the countries that it operates in. Gross margins, as a result, also received a revised outlook.
Intel, which released its quarterly warning after the markets close, saw its shares drop 7.47 percent in after hours trading. During the regular trading session Wednesday, Intel had ended the day at $13.93 a share, down 2.94 percent.
Intel lowered its fourth-quarter revenue outlook to between $8.7 billion and $9.3 billion, compared with its previous guidance of $10.1 billion to $10.9 billion. And its fourth-quarter gross margins are anticipated to come in around 55 percent, versus its earlier forecast of approximately 59 percent.
