Earlie, there goes that tout, at it again <g>
Tuesday February 9, 1:07 pm Eastern Time
Intel CFO says financial guidance unchanged
NEW YORK, Feb 9 (Reuters) - Intel Corp. (Nasdaq:INTC - news) Chief Financial Officer Andy
Bryant reiterated Tuesday the previous financial guidance it had given for the current
quarter, following the announcement on Monday of substantial price cuts in the low end of
its product line.
Speaking to an audience of more than 500 money managers attending a session of the Goldman Sachs Technology Symposium
here, Bryant said the company's business remains on track and the price cuts of up to 24 percent on its low-end Celeron
computer chips had been calculated in the company's original guidance.
''There's nothing new here than what we gave as revenue guidance'' during the company's fourth-quarter conference call with
analysts in mid-January, Bryant said.
Specifically, the Intel executive said first quarter revenues were expected to be down compared with the fourth quarter due to
the seasonal strength of holiday sales. He said gross margins would be slightly down and expenses would fall by 24 percent
without the weight of hefty holiday marketing costs.
Bryant said the guidance given last month was based on its plans to aggressively gain market share from rival chip makers at
the low end of the personal computer market.
Intel's price cuts and an earnings warnings by rival chipmaker Advanced Micro Devices Inc. (NYSE:AMD - news) last week have
raised fears among investors of a growing price war that will dampen profits across the industry.
Intel stock, which was trading down roughly five points at midday, recovered somewhat to trade on the Nasdaq stock exchange
at 128-1/8, off 3-7/8. |
