FILE PHOTO: U.S. chipmaker Intel Corp’s logo is seen on their “smart building” in Petah Tikva, near Tel Aviv, Israel December 15, 2019. Picture taken December 15, 2019. REUTERS/Amir Cohen
(Reuters) – Intel Corp (INTC.O) forecast current-quarter profit below analysts’ estimates on Thursday as the semiconductor industry deals with slack demand due to massive shutdowns from the coronavirus outbreak, sending the chipmaker’s shares down 6% in extended trading.
The company said it would not update its full-year forecast as it normally does each quarter given ‘significant economic uncertainty’.
The COVID-19 pandemic has ripped through the semiconductor industry, already grappling with slowing sales of smartphones and PCs, and has hurt demand from customers, especially in the automotive sector, which many chipmakers had hoped would be a driver for growth in the coming years.
Intel’s tepid forecast also weighed on shares of other chipmakers. Nvidia Corp (NVDA.O), Micron Technology…
Source news reuters.com, click here to read the full news.