The chip maker forecast quarterly sales of $13.7 billion on Monday, plus or minus $300 million, which is lower than its earlier view of $14.7 billion. Analysts polled by Thomson Reuters were expecting sales of $14.65 billion.
The Santa Clara, Calif.-based company says while personal-computer sales have been up sequentially, the worldwide PC supply chain is reducing inventories and microprocessor purchases as a result of supply shortages of hard disk drives.
The company expects those shortages to continue into the first quarter, followed by a rebuilding of microprocessor inventories as supplies of hard disks recover during the first half of 2012.
Shares of Intel fell more than 4% pre-market to about $24.
The company’s weaker forecast follows disappointing mid-quarter updates by other tech majors last week, including Texas Instruments (TXN), which lowered fourth-quarter revenue by 4% at the midpoint, semiconductor company Altera (ALTR), which lowered its revenue outlook by 5.5% and THW (THQI), which warned third-quarter sales target could be about 25% lower than it had initially forecast.
Intel sees GAAP gross margin of 64.5%, lower than its earlier forecast of 65%, with non-GAAP margin reduced to 65.5% from 66% previously.
The tech giant noted that besides its revenue and gross margin, all other expectations are unchanged.