Intel slashes Q3 forecast; withdraws full year forecast..
Intel has reduced its Q3 forecast from a range of $13.8-14.8bn to a range of $12.9-13.5bn citing reduced demand for PCs.
Intel specifically said demand from corporate customers for PCs and demand from emerging markets were hit.
There is concern that the PC market may not grow at all this year as customers switch to tablets and mobile devices.
Intel said it was withdrawing its July forecast for the year of a 3-5% increase in revenues this year.
Intel is also cutting its forecast capex.