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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum
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To: Jenna who started this subject3/8/2001 5:19:25 PM
From: Teri Garner  Read Replies (1) of 6445
 
Intel Says First-Quarter Sales to Miss Expectations (Update1)

By Cesca Antonelli

Santa Clara, California, March 8 (Bloomberg) -- Intel Corp., the world's biggest computer-chip maker, said first-quarter sales will miss targets as slower economic growth continues to curtail demand.

Revenue will drop 25 percent from the previous period, more than the 15 percent decline predicted in January, the company said. Intel will cut about 5,000 jobs over the next nine months, mainly through attrition.

Chipmakers including Broadcom Corp., Vitesse Semiconductor Corp. and LSI Logic Corp. have lowered their forecasts in recent weeks as they discovered an even darker economic picture than they expected. Makers of personal computers and communications equipment are buying fewer chips as they work through excess inventory. It's the third consecutive quarter that Intel has cut its outlook before the period ended.

Gross margin, or the percentage of sales left after subtracting manufacturing costs, will narrow to 51 percent, rather than the 58 percent previously expected.

Spokesman Robert Manetta declined to comment further.

The shares of Santa Clara, California-based Intel rose 31 cents to $33.25 before the report. They've lost 42 percent of their value in the past 12 months.
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