Intel warns of revenue shortfall on weak PC demand

NEW YORK (BestGrowthStock) – Intel Corp on Friday warned that third-quarter revenue could fall short of its own estimates by more than $1 billion on weaker-than-expected demand for personal computers.

The company, which dominates the market for PC microprocessors, said it expects third-quarter revenue to be $10.8 billion to $11.2 billion. That compares with its previous forecast of $11.2 billion to $12.0 billion, and analysts’ average expectations of $11.5 billion, according to Thomson Reuters I/B/E/S.

It now sees gross margins in the period of 65 percent to 67 percent. It had previously forecast gross margins of 67 percent plus or minus a couple of points.

Shares of Intel were up 1.2 percent at $18.40 in active trading on Friday on Nasdaq.

(Reporting by Franklin Paul, editing by Gerald E. McCormick)

Intel warns of revenue shortfall on weak PC demand