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Intel Posts Sharp Drop in Sales, Issues Muted Outlook

Chip maker Intel reported a surprise quarterly loss and cut its full-year outlook, reflecting a slump in personal-computer purchases and product delays.

Intel on Thursday said sales in the second quarter fell 22% to $15.3 billion, missing Wall Street’s expectations. It was its biggest revenue drop in more than a decade. The company blamed a rapid decline in economic activity for its sagging sales as it forecast a 10% decline in overall PC sales this year.

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