Intel cuts forecast for next year as revenues slump

Chipmaker has cut jobs in Ireland and around the world and predicts Q1 revenues $3bn below analysts’ expectations

Intel: chipmaker confirmed 30 compulsory redundancies in Ireland last week. Picture: Getty

Intel has cut its financial forecasts for the first quarter of next year, with projected revenues coming in nearly $3 billion below analysts’ expectations.

The US chipmaker, which has cut jobs around the world and in Ireland in response to diminishing PC sales and a falling market share in its chips division, saw its shares slump by nearly 10 per cent after reporting its fourth-quarter earnings last night.

Intel forecasted first-quarter sales of $10.5 billion ...