Citing "significantly weaker than expected demand in all geographies and market segments", Intel has slashed their guidance for Q4. The company now expects sales to come in between $8.7 billion and $9.3 billion; originally Intel had forecast sales of $10.1-$10.9 billion for the quarter.
What's really surprising is the timing of the news, Intel had always planned to provide a mid-quarter business update, but said update was expected to occur after the Thanksgiving holiday. By pushing up the mid-quarter update so soon, Intel obviously feels things are even gloomier than originally expected, and isn't wasting any time telling the investment community.
Intel shares are currently down 7% in after hours trading on the news, expect other tech companies such as Dell, HP, AMD, and NVIDIA to fall during tomorrow's trading session.
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