The company said in a statement that it now thinks revenues for its second quarter – which are declared formally on 16th July – will be down eight percent.
It had previously expected its revenues to fall by three percent.
The reason for the shortfall is being blamed on “weaker than expected consumer PC demand” which has affected sales of its application processor units because its original equipment manufacturing customers aren’t buying enough kit.
The shares were briefly suspended but after trading was re-started, its stocks were being traded at $2.47.
Intel also announces quarterly earnings in mid July.