INTC Intel Corporation

By Dean Seal

Intel Corp. shares were down more than 5% in early trading Friday after the semiconductor giant posted a drop in first-quarter sales and warned that a global chip shortage would last longer than expected.

The shares opened at $44.99, down from the previous close of $46.84.

The Santa Clara, Calif.-based company said after the market closed on Thursday that it now expects the chip shortage to last into 2024, instead of 2023 as previously forecast, as equipment shortages hamper chip-makers' ability to meet demand.

The company's first-quarter sales declined almost 7% to $18.35 billion, missing analyst expectations.

PC shipments fell by 5%, according to estimates from International Data Corp.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 29, 2022 10:36 ET (14:36 GMT)

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