Chip leader and tech bellwether Intel has cut its sales outlook, citing weaker demand for PCs, while new figures show mobile network spending fell in the last quarter.
Intel’s revised Q3 guidance, issued Friday, took three points off the Standard & Poors Index as it reinforced market fears about the slowing US economy.
Intel said sales in the third quarter would be between $10.8 and $11.2 billion, compared to the previous forecast of between $11.2 and $12.0 billion.
“Revenue is being affected by weaker than expected demand for consumer PCs in mature markets,” it said.
The Intel outlook followed a recent warning from Cisco about the uncertain outlook and a fall in spending by telecom carriers and enterprises.
Releasing Cisco’s quarterly result two weeks ago, CEO John Chambers said the networking firm faced an outlook of “unusual uncertainty” because of the economic climate.