Chipmaker Intel Corp cut its full-year revenue forecast on Thursday and missed a...
- Chipmaker Intel Corp cut its full-year revenue forecast on Thursday and missed analysts’ estimates for first-quarter sales for its higher-margin data center business, sending its shares down 7 percent after hours.
Intel marginally beat Wall Street targets for revenue and profit in the first quarter, but sales in the data center group unit fell 6.3 percent to $4.90 billion, hit by weakness in China and inventory correction. Analysts had expected revenue of $5.10 billion, according to financial and data analytics firm FactSet.
“Looking ahead, we’re taking a more cautious view of the year, although we expect market conditions to improve in the second half,” said Chief Executive Officer Bob Swan.
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