Intel Corp warned that fourth-quarter results would miss its previous forecast due to hard disk drive supply shortages caused by floods in Thailand. Thailand said last month that output of hard disk drives fell 52.4 percent in October from a year earlier as the worst flooding in 50 years swamped factories.
Intel, the world's largest chipmaker, said quarterly revenue is now seen at $13.7 billion, plus or minus $300 million, down from a previous forecast of $14.7 billion. Analysts' average forecast is $14.65 billion, according to Thomson Reuters I/B/E/S. Intel said non-GAAP gross margin is expected to be around 65.5 percent versus previous expectations of 66 percent.
The company said that it anticipated sales of personal computers to be up in the fourth quarter from the third quarter. Intel said it "expects hard disk drive supply shortages to continue into the first quarter, followed by a rebuilding of microprocessor inventories as supplies of hard disk drives recover during the first half of 2012".
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