Intel plans further cost cuts as revenue drops

Intel has announced that its third quarter revenue fell 20 per cent, to US$15.3 billion. After the announcement, the company’s shares dropped briefly, and then rose 5.4 per cent in late trading after the company promised more cost cutting plans and layoffs to deal with the persistent slump in PC sales. Intel has also lowered its full-year profit and revenue forecasts, predicting a bleak outlook for demand in Intel’s computer processors.

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