Intel sees more losses as PC makers sharply cut chip buying, shares slump

:Intel Corp said it expects to lose money in the current quarter, surprising investors with a bleaker-than-expected outlook for both the PC market and slowing growth in its key data center division.Two of Intel's most important markets are showing signs of weakness after two years of strong growth as remote work boomed during the pandemic.

PC shipments fell 16.5 per cent to 292.3 million units in 2022, per data from research firm IDC, forcing chipmakers to cut back production and slash revenue forecasts. Meanwhile, the data center market has also slowed from double-digit growth as businesses look to cut costs to ride out an economic slowdown.

The company forecast first-quarter revenue in the range of about $10.5 billion to $11.5 billion. Analysts on average were expecting total revenue of $13.93 billion, according to Refinitiv data.

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