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Intel cuts full-year revenue forecast, shares fall



(Reuters) – Chipmaker Intel Corp. INTC.Overview current-quarterly analysts revenue estimates & cut full-year outlook on Thursday, sending its shares down 7 percent and kicking worries that an industry-wide slowdown could persist until the end of 201

9.

The company cut its revenue from $ 69 billion in 2019, from the $ 71.5 billion it had to expect when it last reported in January.

The Santa Clara, California-based chipmaker said it expects revenue and profit of $ 15.6 billion and 89 cents per share for its second quarter that ends in June, compared with analysts' expectation of $ 16.85 billion and $ 1.01 per share.

Chipmakers are struggling with a decline in demand due to a slowing Chinese economy and As manufacturers face repercussions of ongoing trade disputes.

Revenue from Intel's higher-margin data center business falls 6.3 percent to $ 4.90 billion in the first quarter, hurt by weakness in China market and inven- tion. tory correction. Analysts were expecting revenue of $ 5.10 billion, according to financial and data analytics firm.

Intel, Apple Inc's sole iPhone chip supplier for the past year, last week it was exiting the 5G smartphone modem business hours after Apple and Qualcomm Inc. settled their royalty dispute.

Revenue in Intel's client computing business, which caters to PC makers and still the biggest contributor to sales, rose 4.45 percent to $ 8.59 billion, beating FactSet estimates of $ 8.38 billion.

Shares were trading at $ 53.75 in trading after the bell.

(Reporting by Sayanti Chakraborty in Bengaluru; Editing by Sriraj Kalluvila)


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