Santa Clara, Calif. - Shares of chipmaker Intel (NASD: INTC) fell more than 5% by late Wednesday after the company said that it expects fourth-quarter revenue to drop 23% from a year ago as a result of weak demand in the PC market.

The company now expects its revenue to be $8.2 billion, lower than even its sharply reduced guidance issued in November, with gross margin at the bottom of its previous expectation of 55%.

Intel is scheduled to release its official results on Jan. 15.

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