Chipmaker Intel Corp on Thursday cut its full-year revenue forecast and missed a...
- Chipmaker Intel Corp on Thursday cut its full-year revenue forecast and missed analysts’ estimates for first-quarter sales for the data center business that has driven growth as PC sales declined in recent years, sending its shares down as much as 7.5%.
Intel marginally beat Wall Street targets for revenue and profit in the fiscal first quarter, but sales in the data center group unit fell 6.3% to $4.9 billion, hit by weakness in China as customers worked through stockpile of chips purchased last year. Analysts had expected revenue of $5.1 billion, according to financial and data analytics firm Fact Set.
“The belief at the time was that they were ordering well ahead of what their real needs were, but the expectation was that they would consume that over the course of Q4 and Q1,” Swan said. “But today we think ... it’s not being consumed quite at that level; there’s going to be another quarter.” A year-long U.S.-China trade war and weakening smartphone sales have taken a toll on the global semiconductor industry. Investors are banking on the launch of 5G telecom networks and demand for chips used in self-driving vehicles to reignite growth. Swan said a 30% boost in so-called programmable chips that go into 5G networking equipment showed early gains for Intel.
Swan said Intel expects to continue shipping 4G modems, though, as is customary for Intel, he did not mention Apple by name.
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