Intel lowers financial forecast for third quarter

SAN FRANCISCO — High-tech bellwether Intel Corp. lowered its financial outlook Thursday, providing the latest sign of the economy’s doldrums.

The Santa Clara-based computer giant said its third-quarter revenue will range from $8.3 billion to $8.6 billion. Management previously forecast revenue ranging from $8.6 billion to $9.2 billion for the three-month period ending Sept. 25.

Gross profit margins are now expected to be within a couple points of 58 percent, compared with the earlier guidance of 60 percent, plus or minus a couple points.

With recent economic indications pointing to a slowdown, the stock market had been bracing for disappointing news from the world’s largest computer chip maker, but Thursday’s revised outlook appeared to be gloomier than many investors anticipated.

Intel’s shares gained 20 cents to close at $21.63 on the Nasdaq Stock Market before the release of the mid-quarter update, then dropped $1.45 in extended trading.

The sales letdown at Intel doesn’t bode well for other tech stocks because the chip maker is frequently used as a financial yardstick for sizing up the industry’s prospects. Investors have become increasingly disenchanted with much of the tech sector after a disappointing second-quarter results.

The tech-laden Nasdaq composite index has declined by more than 6 percent so far this year.