Intel cuts Q4 revenue forecast again

(RTTNews) - Intel Corp. (INTC: News ), the world's biggest chipmaker, on Wednesday lowered its fourth quarter revenue forecast once again, citing further weakness in end demand and inventory reductions by its customers in the global PC supply chain.
The Santa Clara, California-based company said it now expects fourth quarter revenue to be about $8.2 billion, down 20% sequentially and down 23% from a year ago.
In November, Intel had reduced its fourth quarter revenue forecast to $9 billion, plus or minus $300 million from its earlier forecast of $10.1 billion to $10.9 billion.
Analysts polled by First Call / Thomson Financial currently expect the company to post revenue of $8.74 billion for the fourth quarter.
The company also said Wednesday that its latest estimate for fourth quarter gross margin was at the bottom of the previous expectation of 55%, plus or minus a couple of points.

Intel also cut its spending plans (R&D plus MG&A) for the fourth quarter by $200 million to $2.6 billion