SANTA CLARA, Calif.-Investors decried Intel Corp.’s revised fourth-quarter outlook, sending the company’s stock down almost 3 percent in trading to $32.64 per share.
Intel said it expects revenues of between $8.5 billion and $8.7 billion, as compared with the previous range of $8.1 billion to $8.7 billion. The company said it will take a $600 million fourth-quarter goodwill impairment charge in its Wireless Communications and Computing Group.
Intel previously warned about its new pricing strategy for wireless chips, which it introduced in the first quarter. The company in Securities and Exchange Commission filings said the pricing environment “remained difficult” in its wireless chips division.
