Wednesday, January 7, 2009

Intel Sees Bigger Loss

Santa Clara-based Intel Corporation said Wednesday that the firm is expecting a bigger loss for its fourth quarter--a steeper loss than the firm had expected even in November. According to Intel, the firm will have revenues of approximately $8.2 billion, down 20 percent sequentially and 23 percent year-over-year, which it attributed to further weakness in end demand, and inventory reduction in its supply chain. The firm had already cut estimates on November 12th. In addition to the revised outlook, the firm said it is writing off $950M of its investment in Clearwire Corporation, a provider of WiMax-based wireless services, due to a steep drop in Clearwire's stock price.