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Intel reports 20% revenue drop with more bad news ahead

U.S. chipmaker aims to cut costs by $3bn in 2023 as demand weakens

Intel has lowered its full-year revenue guidance for 2022.   © Reuters

PALO ALTO, U.S.-- Intel's revenue plunged 20% in the third quarter, and the semiconductor industry is bracing for weaker global chip demand owing to a macroeconomic slowdown and stricter U.S. controls on exports to China.

The American chipmaker on Thursday warned of more declines in the fourth quarter and lowered its full-year guidance for 2022.

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