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Intel CEO Says Third Quarter Is ‘Bottom’ After Dour Forecast

Intel Corp. Chief Executive Officer Pat Gelsinger slashed sales and profit forecasts for the rest of the year, conceding that the struggling chipmaker needs more time to make its products competitive while assuring investors that the current quarter will be the nadir. The shares tumbled 11% Friday morning, the most in nine months.

The company, which in April had reiterated its annual sales forecast, reported steeply lower second-quarter results and said revenue this year will be as much as $11 billion less than projected, buffeted by a slackening economy and server market-share losses. The CEO of the biggest maker of computer processors essentially asked for more patience, saying he’s fixing execution issues that have dogged product releases since before he took over last year, and expressed confidence in his strategy to regain industry leadership.