Intel Corporation (NASDAQ:INTC) has announced that its quarterly revenue is going to be less than expectations. The company blamed some of the market conditions and currency fluctuations of this tumble. Intel says that businesses are not interested in buying new desktop PCs. Intel Corporation (NASDAQ:INTC)’s core business revenue stream comes from the PCs. The chipmaker also says that PC supply chain is experiencing disruption, which has damaged the overall business.
Intel Corporation (NASDAQ:INTC) says that the upcoming quarterly revenue can be expected anywhere near $12.8 billion. This revenue is disappointing for the investors. The Wall Street’s lowest revenue expectations were around $13.23.
Intel Corporation (NASDAQ:INTC) says that unexpected currency fluctuations in Europe have also damaged the company’s business. The chipmaker was already struggling with its mobile business. The news of PC business plummeting has smashed the expectations of investors. Intel Corporation (NASDAQ:INTC) stock went down by 5% during the Thursday market kick-off.
In a statement, Intel Corporation (NASDAQ:INTC) said that although its PC business faced some issues, its data center and server business is growing. Intel Corporation (NASDAQ:INTC) featured some good news a few days ago, when it was reported that the next iPhone will be powered by Intel Corporation (NASDAQ:INTC) chips.
Intel Corporation (NASDAQ:INTC) is trying to launch its operations in the Asian markets by striking deals with the major local players.
Intel Corporation (NASDAQ:INTC) also said that Windows PC sales are becoming weak across the globe. This announcement had a bad effect on Microsoft stock and it tumbled by 2% during the early hours of market trading.
As of June 30, 2014, Ken Fisher’s Fisher Asset Management owns over 18 million shares in Intel Corporation (NASDAQ:INTC).
Suggested Articles:
