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Intel sales forecast implies rocky second half of 2021 amid supply constraints - Reuters

Intel sales forecast implies rocky second half of 2021 amid supply constraints - Reuters

Intel sales forecast implies rocky second half of 2021 amid supply constraints - Reuters
Jul 22, 2021 48 secs

July 22 (Reuters) - Chipmaker Intel Corp (INTC.O) said on Thursday it still faces supply chain constraints and gave an annual sales forecast that implied a weak end of the year.

The 2021 forecast of $73.5 billion in adjusted sales was higher than Wall Street expectations, appeared driven by a strong second quarter ended June 26 and a modestly better-than-expected third-quarter, implying a weak fourth quarter.

For the just-ended second quarter, Intel reported $18.5 billion in adjusted sales, well above analyst estimates of $17.80 billion, according to Refinitiv data.

Taking the second and third quarter into account, Angelo Zino, analyst at CFRA Research, said that Intel's slightly higher full-year forecast implied a shortfall in fourth-quarter sales versus previous forecasts - despite the fourth-quarter usually being one of the company's best quarters as consumers snap up laptops and PCs as holiday gifts.

On an adjusted basis, the company earned $1.28 per share in the second quarter, compared with estimates of $1.06, according to Refinitiv data

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