UPDATE 2-Intel eases chip demand concerns with raised forecast, shares gain [Reuters]
Intel Corporation (INTC)
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Source: Reuters
Intel eases chip demand concerns with raised forecast, shares gain - Reuters 3 Min Read (Reuters) - Intel Corp forecast current-quarter profit and revenue above estimates and raised its full-year revenue forecast on Thursday, allaying concerns about a global semiconductor sales slowdown and curbs on U.S. sales to Huawei Technologies. Separately, the company said it would sell the majority of its smartphone modem business to Apple Inc for $1 billion. Intel’s shares rose 6.5% to $55.56 in extended trading. The chip industry is in a slowdown, with research firm Gartner forecasting global semiconductor revenue to drop 9.6% to $429 billion in 2019. Chipmakers have also been hit by the U.S.-China trade tensions, including tariffs on some products and restrictions on sales to Huawei. Intel has said it has reworked its supply chain to mitigate most of the tariff consequences but has not specifically disclosed the impact of the Huawei restrictions. The Santa Clara, California-based company has
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