Intel said it now expects sales for the quarter, which ends in September, to come in at a range of $8.3 billion to $8.6 billion. The $8.45 billion midpoint of this range is much lower than the consensus estimate of $8.9 billion. Intel had said in July that it expected sales to be between $8.6 billion and $9.2 billion.
The company added that gross margins, which measure how profitable a company is after subtracting the cost of sales, should be about 58 percent, lower than the company's previous guidance of about 60 percent.
Shares of Intel fell more than 7 percent after-hours, according to INET, after rising nearly 1 percent, to $21.63, in regular trading on the Nasdaq Thursday. The stock, which more than doubled in 2003, has been the worst performer in the Dow Jones Industrial Average this year.
Shares have plunged 32 percent due to fears that the semiconductor cycle is close to peaking.
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