Reuters
Intel shares sink as third-quarter sales miss estimates
Shares of Intel Corp sank on Thursday as the company reported third-quarter sales that missed expectations, with Chief Executive Officer Pat Gelsinger telling Reuters that shortages of ancillary chips needed to make full computers are holding back sales of the company’s flagship processor chips. Shares of Santa Clara, California-based Intel, the world’s biggest maker of central processors at the heart of PCs and data center servers, fell 9% in extending trading. Gelsinger said Intel has resolved shortages facing its own internal manufacturing operations, but that shortages of other chips such as power management chips and WiFi chips were stopping its customers from shipping PCs and servers, reducing the need for Intel’s chips.
