News Summary: Intel cuts 3Q revenue outlook

OUTLOOK: Intel is cutting its third-quarter revenue forecast due to softer-than-expected demand for its chips amid difficult economic conditions.

THE NUMBERS: The company now expects revenue of about $13.2 billion, but says that figure could be up or down $300 million. Its prior guidance was for $13.8 billion to $14.8 million. Analysts surveyed by FactSet had predicted $14.21 billion.

THE BLAME: Intel said emerging market demand is slowing and that there is weakness in its enterprise PC unit. It is also seeing customers trimming inventory in the supply chain instead of the normal inventory growth in the third quarter.