Intel Cuts Revenue Outlook, Citing Supply Shortages
Supply shortages hurting Intel's earnings
Chip maker Intel said Monday its fourth-quarter revenue will be lower than expected due to hard disk drive supply shortages.
Intel shares tumbled more than 4 percent to close at $24.00 on Monday.
Intel said it now expects fourth quarter revenue of $13.4 billion to $14 billion. It had previously forecast revenue of $14.2 billion to $15.2 billion for this all-important holiday quarter.
Analysts polled by FactSet are expecting revenue of $14.65 billion.
Intel is by the world's largest maker of microprocessors, the "brains" of computers.
The company says it expects PC sales to be up sequentially during the quarter. But it says companies are reducing inventories and microprocessor purchases because of hard drive shortages.
Floods in Thailand have disrupted computer manufacturers' production since many companies have factories there. Research firm iSuppli said earlier it expects global PC shipments to total 84.2 million in the first three months of 2012, down from a previous estimate of 88 million.
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