A guidance miss
Intel expects fourth-quarter revenue of $15 billion to $16 billion. Analysts had expected $17 billion, so the company's forecast lands below that mark.
Two separate pressures
Two factors are weighing on the outlook: a memory chip shortage is pulling PC demand down, and supply problems are slowing the data centre unit.
Third quarter still grew
Even so, Intel's third-quarter revenue rose 21% to $16.5 billion. The problem is not past performance but the expectation for the coming quarter.
Market reaction
Shares fell more than 20% in late trading on Thursday. That suggests investors read the news not as a single weak quarter but as a sign that the memory shortage will keep pressing across the supply chain.
