Intel Gives One of Its Grimmest Forecasts Ever, Slamming Shares
- Struggling chipmaker expects to post a loss in current quarter
- Severe PC downturn has undercut Intel’s comeback plans
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Intel Corp. is forecasting one of the worst quarters in its history, touching off a broader selloff of chips companies as a slowdown in personal-computer sales ravages the industry.
Late Thursday, Intel gave a sales range that missed analysts’ estimates by billions of dollars, warning that revenue could fall to the lowest quarterly level since 2010. Shares plunged 10%, the most since July, in New York. Advanced Micro Devices Inc., Applied Materials Inc., Lam Research Corp. and Qualcomm Inc. declined. Semiconductor maker KLA Corp., which issued its own disappointing outlook, also slid.