Intel cuts its profit forecast

On Thursday, an American chipmaker Intel Corp announced the cut of the company’s profit and revenue forecasts for a full financial year, and also the staff reductions. At the same time, according to Reuters, the company’s personal computers segment demonstrated higher-than-expected results and stimulated the Intel’s stock growth.

Intel CEO Pat Gelsinger explained that the company’s decision to trim the forecast for the fourth quarter was caused by the current economic uncertainty, which is likely to remain for the next year as well. The chipmaker needs time to gain the same pace and volume of sales that it had before, which fell by 27% in the last quarter.

Also, Intel changed its capital spending forecast for the next financial year, reducing it by $2 billion compared to the previous outlook of $27 billion.