STOCKWATCH Intel sharply lower after hours following Q1 warning

SAN FRANCISCO (AFX) - Shares in Intel Corp fell sharply in after-hours trade after the company announced 5,000 job cuts and warned that first quarter sales will be weaker than expected, dealers said. At 5.18 pm in New York, Intel was quoted at 30-3/4, down from its official close of 33-1/4. Intel said the its first quarter revenues will be 25 pct lower from the last quarter while gross margins will come in at 51 pct, way below its previous forecast of 58 pct. It said the job cuts will be made over the next nine months.

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