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Intel lowers Q3 revenue expectations

Intel has released a statement saying that its third-quarter revenue is expected to be slightly down on earlier predictions.

For the quarter ending 29 September, Intel expects to return revenue figures of between $6.2bn (£4.24bn) and $6.8bn. While its microprocessor business continues to follow seasonal patterns, its flash memory and communications businesses remain in line with the company's expectations at the beginning of the quarter.

Intel's flash business remained flat for the beginning of the third quarter, but inventory was "starting to approach a normal inventory level", according to Andy Bryant, Intel's chief financial officer. "Flat revenue in flash memory feels pretty comfortable," he added.

Revenue in the company's networking business has also remained static. "It's difficult to make the call; we guessed it would remain flat, and it has," said Bryant. "It will take a while to recover, but at least we've now seen two quarters of the same revenue."

Intel said it expected expenses for the third quarter to be between $2bn and $2.1bn, down slightly from previous expectations of between $2.1bn and $2.2bn. The company also expects to absorb a $90m net loss from equity investments as a result of lower-than-expected gains from equity sales.

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