December 13, 2011 01:46 am EDT

Intel cuts Q4 revenue forecast by $1 billion due to hard drive shortages

We've already seen quite a few companies lower their forecasts in the wake of the Thailand floods and subsequent hard drive shortage, and it unsurprisingly looks like Intel is no exception. The company issued a press release today advising that its fourth quarter revenue is now expected to come in at $13.7 billion, plus or minus $300 million, and not $14.7 billion (plus or minus $500 million) as previously expected. If you do the math, that means the company is taking around a $1 billion hit in revenue, due largely to a reduction in the worldwide PC supply chain that's led to a drop in processor purchases. According to Intel, thing should begin to turn around in the fourth quarter, when it expects computer sales to be "up sequentially," although it notes that hard drive shortages are expected to continue into the first quarter, with a recovery anticipated to take place over the first half of 2012. The company's full statement is after the break.

Continue reading Intel cuts Q4 revenue forecast by $1 billion due to hard drive shortages

Intel cuts Q4 revenue forecast by $1 billion due to hard drive shortages originally appeared on Engadget on Mon, 12 Dec 2011 20:46:00 EDT. Please see our terms for use of feeds.

Permalink | ||Comments

Original Link: http://www.engadget.com/2011/12/12/intel-cuts-q4-revenue-forecast-by-1-billion-due-to-hard-drive-s/

View Full Article

Engadget

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics. Engadget was launched in March of 2004 in partnership with the Weblogs, Inc. Network (WI

More About this Source Visit Engadget