Weak demand causes Intel to cut Q4 forecast

From InfoWorld: Intel expects fourth-quarter revenue for fiscal 2008 to fall 23 percent compared to a year prior due to weaker demand for computer processors, the company said Wednesday.

The chipmaker expects fourth-quarter revenue of $8.2 billion, down 20 percent compared to the previous quarter. Intel revised its fourth-quarter expectations ahead of its scheduled earnings announcement on Jan. 15.

Intel's grim news comes as technology companies are feeling the full brunt of the global economic crisis, as demand for software and hardware slows.

Intel also said it will take a much higher loss on other equity investments than it expected. The company will note a non-cash charge in the fourth quarter of $950 million related to its investment in Clearwire, which has a WiMax mobile broadband network.

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