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Intel shocks market with forecast drop
Cuts Q4 predictions by 14%
14 November 2008 11:25 GMT / By Katie Scott
Intel has slashed its predictions for its fourth quarter revenues sending a shudder through the market.
The chip giant has opted to cut its forecasts for its Q4 revenues by 14% and has pointed to weak demand across the world.
Its forecast is $9 billion, plus or minus $300 million as compared to an October forecast of $10.1 billion to $10.9 billion, and the average analyst estimate of $10.3 billion.
Intel also suggested that computer sales are going to be bad over Christmas and beyond thanks to the economic crisis.
The news sent Intel's shares plunging to a 12-year low, dropping 7%. It also affected Microsoft's shares, which fell 2% to a 10.5-year low.
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