Computer chip maker Intel has said the economic slump will take a big bite out of its revenues for the final quarter of 2008.
Intel, which employs more than 5,000 people in Ireland, said it expected to report fourth-quarter revenue of around $8.2 billion, down 23% from the same period last year.
This is lower than the company's previous forecast on November 12. The company said the weaker performance was 'as a result of further weakness in end demand and inventory reductions by its customers in the global PC supply chain.'
Intel also said it would cut spending on research and other initiatives to $2.6 billion from $2.8 billion.
