(Bloomberg) — Intel Corp. tumbled in premarket trading after delivering a disappointing forecast on Thursday, renewing doubts about a long-promised turnaround at the once-dominant chipmaker.
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Intel’s first-quarter projection for both sales and profit came in well short of Wall Street estimates, and executives struggled to soothe concerns during a conference call with analysts.
The outlook suggests that Chief Executive Officer Pat Gelsinger still has a long way to go in restoring Intel’s former prowess. Though the chipmaker’s personal computer business is recovering, demand is weakening in the lucrative market for data center chips.
Intel also is contending with a slowdown in programmable chips and components for self-driving vehicles, and a fledgling business that makes semiconductors for other companies hasn’t yet taken off.
Intel shares fell more than…
