By AP Nov. 12, 2008
Intel Corp. sharply cut its fourth-quarter sales projection Wednesday, indicating just how severely technology spending is being slammed to a halt in the economic turmoil. The chip maker now expects revenue to come in at about $9 billion, down from a previous estimate of $10.1 billion to $10.9 billion, as personal computer makers look to cut back on their parts inventories. Analysts polled by Thomson Reuters expected $10.3 billion, on average. In response, Intel said it expects to cut spending on research and acquisitions to $2.8 billion in the fourth quarter, down from the previously expected $2.9 billion.
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