Intel announced today that it was overly optimistic in its projections from a few weeks ago. The chip giant is starting to feel the hard times that the rest of the country is getting used to just now.
Poor Intel . The company will only have revenues of 9 billion dollars for the fourth quarter. Of course, this is a bit more stinging, as just like many retailers, the fourth quarter is usually the big one for the chipmaker. One month ago, the projected revenues were between 10.1 and 10.9 billion.
Oh well, even the giants have an off season.
In a statement, Intel said:
Revenue is being affected by significantly weaker than expected demand in all geographies and market segments. In addition, the PC supply chain is aggressively reducing component inventories.
The stock fell to a 52 week low, and just before the end of trading, a huge amount of stock was sold. (some wonder if this was planned, but it only seems natural that a notice like this could only be bad)
Johnny and Sally won’t be getting that new quad-core computer for Christmas, it seems they will have to make do with what they have now for a bit longer. They probably won’t be getting anything electronic this Christmas, if the looks of large box electronics retailers are correct – Best Buy is tanking, and Circuit City is going bust… who will sell all the iPods?
|Success is the ability to go from one failure to another with no loss of enthusiasm.Winston Churchill|
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