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Intel in slide, slashes sales forecast
Published on 14 Nov. 2008 12:41 AM IST
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Reflecting a sharply weaker economy, Intel, the world's largest maker of computer chips, slashed its fourth-quarter sales forecast on Wednesday by more than $1 billion. The technology bellwether said it now expects sales to come in at $8.7 billion to $9.3 billion, compared to an earlier prediction of between $10.1 billion and $10.9 billion. The company makes chips that power more than three-quarters of the world's computers. Intel said that customers worldwide were "aggressively" chopping orders as they cope with falling sales. The revision signals how quickly the US economic slump is spreading around the world. Also on Wednesday, market research firm IDC downgraded its forecast of worldwide technology spending next year. The company predicted that spending will rise 2.6 % in 2009, down from an earlier growth estimate of 5.9 %.

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