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Intel Cuts 4th Quarter Outlook Citing Supply Shortages

SANTA CLARA (CBS/AP) – Chip maker Intel says its fourth-quarter revenue will be lower than expected due to hard disk drive supply shortages.

Intel Corp. said Monday that it now expects fourth quarter revenue of $13.4 billion to $14 billion. It had previously forecast revenue of $14.2 billion to $15.2 billion for this all-important holiday quarter.

Analysts polled by FactSet are expecting revenue of $14.65 billion.

Intel is the world’s largest maker of microprocessors, the “brains” of computers. The company says it expects PC sales to be up sequentially during the quarter. But it says companies are reducing inventories and microprocessor purchases because of hard drive shortages.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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