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    QONEQT in Intel

    28-Oct-2022 10:35 AM


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    Chipmaker Intel Cuts Annual Revenue Forecast For Second Time This Year

    Intel also cut its capital spending forecast for this fiscal year to $25 billion.
    Chipmaker Intel Corp on Thursday cut its full-year profit and revenue forecast and warned it would lay off staff, but a stronger-than-expected performance at its personal computers segment helped send shares higher.
    Chief Executive Pat Gelsinger said the cut to the fourth quarter outlook reflected economic uncertainty expected to last into next year, and that the company was taking time to ramp up sales into data centers, which dropped 27% in the third quarter.
    Intel also cut its capital spending forecast for this fiscal year to $25 billion from a previous forecast of $27 billion.
    So driving efficiency in the factory network is way more important to our economics than people cost," Gelsinger told Reuters, adding that adjustments to flexible workforces can be "quite immediate".
    The company now expects 2022 annual revenue of about $63 billion to $64 billion, compared with $65 billion to $68 billion estimated earlier.
    Source: NDTV
    #Intel