Shares in Intel fell by around 9% at times in after-hours trading on Thursday after the US chip-maker forecast revenues of between $12.5 billion and $13.5 billion for the current quarter.
Analysts had expected an average of around $13.6 billion. The forecast for adjusted earnings per share also fell well short of expectations.
The forecast shows that Intel CEO Pat Gelsinger still has a lot of work ahead of him in reorganizing the once dominant chip company. The competition is not only strong in data centre technology. Gelsinger wants to achieve the turnaround with new production processes for more efficient chips.
In the last quarter, Intel increased its turnover by 9% year-on-year to $12.7 billion, falling slightly short of market expectations. The bottom line was a loss of $400 million after a loss of $2.8 billion in the same quarter of the previous year.