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Intel Trims Q1 Profit Projections  

Posted Mar 4, 08 7:12 AM CST in Technology,  Business    Most Covered

(newser) – Falling prices for flash memory prompted chipmaker Intel Corp to trim its first quarter gross-profit projection slightly yesterday, driving share prices down nearly 3% in after-hours trading, reports Bloomberg. Analysts said oversupply for NAND flash chips—used in cameras, music devices, and mini-storage devices—would likely persist into the third quarter, keeping prices soft.

Intel launched a joint venture with Micron Technology in 2006 to manufacture NAND chips. Analysts also worry that slowing demand from companies like Apple could continue to hurt Intel’s core business of computer processors. Intel closed at $20.01 on Nasdaq, but dropped to $19.41 in after-hours trading following the revised projection.

Source Bloomberg

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Intel Trims Q1 Profit Projections
The Intel exhibit at the Consumer Electronics Show at the Las Vegas Convention Center is seen Jan. 9, 2008 in Las Vegas. Intel is expected to release quarterly earnings after market close Tuesday, Jan....   (Associated Press)
Intel Trims Q1 Profit Projections
The Intel exhibit at the Consumer Electronics Show at the Las Vegas Convention Center, The company yestreday trimmed its profit projections as prices on Flash memory continued to drop.   (Associated Press)
Intel Trims Q1 Profit Projections
Craig Barrett, Chairman of the Board of Intel Corporation, gestures as he speaks during the 6th European Business Summit, in Brussels, Friday, Feb. 22, 2008. (AP Photo/Thierry Charlier)   (Associated Press)
Intel Trims Q1 Profit Projections
Intel CEO Paul Otellini interviews with a reporter at the Intel booth at the Consumer Electronics Show (CES) in Las Vegas, Monday, Jan. 7, 2008. Otellini said energy-efficient, Web-connected computers...   (Associated Press)
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Intel  • computer chip  • quarterly profits  • microchips  • Micron Technology  • flash memory


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