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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.

April 29, 2022 / 07:12 AM IST
(Image Courtesy: Intel)

(Image Courtesy: Intel)

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.

Shares of the company fell 5 percent in after-market trading.

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.

Analysts say the PC market is coming off of searing rates of growth over the last two years as remote working and learning triggered high demand during the pandemic.