UPDATE 2-Intel forecasts gloomy quarter on supply-chain woes, shares fall
Chipmaker Intel Corp forecast second-quarter revenue and profit below Wall Street expectations on Thursday on worries of demand weakness in its largest end market, PCs, and increased supply-chain uncertainty due to COVID-19 lockdowns in China. Rising inflation, resurgence of COVID-19 in China and uncertainties around the war in Ukraine have shifted consumer spending away from gadgets, hurting Intel, which saw more than half of its revenue last year coming from the segment selling processors for PCs. As lockdowns in China continue, supply-chain bottlenecks are likely to hurt Intel’s customers, in turn affecting the chipmaker’s business.
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