The economic downturn is starting to take its toll on the tech bellwethers like Intel, which has just warned of dismal revenues for the last quarter of 2008 in a preliminary earnings report. Revenue fell 20% from the previous quarter to US$8.2 billion, US$2 billion less than forecast. The company's investment in WiMAX technology in the form of its Clearwire venture also affected its numbers as the venture has seen its value drop by over US$1 billion.
In the most recent indication of the fragile state of the tech landscape, chipmaker Intel said fourth-quarter sales would fall short of its already reduced forecast.
Intel, the world's largest maker of computer chips, said on Jan. 7 that it would report sales of $8.2 billion, down 20% from the third quarter and 23% from a year earlier. Intel blamed the decline on a collapse in demand for computers and a reduction in inventory among PC makers and other customers.
For the full article, click here.