Intel says Q4 forecast revision final
SINTRA, Portugal, Nov 21 (Reuters) - Intel Corp's (INTC.O) cut in its fourth-quarter revenue outlook earlier this month was the final revision by the world's top computer chip maker, which is grappling with weakening demand, Chairman Craig Barrett said on Friday.
"We've made our forecast for the fourth quarter and are not revising it further," he told reporters on the sidelines of a conference in Lisbon.
He said it was "obvious that recession is hitting consumers and investors hard", but it was "diifficult to tell" whether demand could deteriorate further.
On Nov. 12, Intel cut its fourth-quarter revenue forecast by about 14 percent, citing weak demand across the world and in all its products. The revision indicated the economic crisis is set to hurt computer sales even in the holiday season, and beyond.
Intel said it expected a fourth-quarter revenue of $9 billion, plus or minus $300 million.
Barrett said Intel's "key issue" right now was to have a banking cushion or savings cushion to be able to stay the course in terms of its research and development budget and the overall capital budget, but the company was "always looking at opportunities" for acquisitions compatible with its business. (Reporting by Shirikesh Laxmidas, writing by Andrei Khalip; Editing by David Cowell)
