Intel has revised its revenue expectations downward for the third quarter, attributing the change to decreased demand. The announcement has negatively impacted the company’s stock value.

The company now anticipates revenue to be below the previously projected range of $13.2 billion to $14.2 billion. A specific updated figure was not provided in the initial statement.

Analysts suggest that macroeconomic factors and softening PC sales are contributing to Intel’s revised outlook. The company is expected to provide further details during its upcoming earnings call.

The news has raised concerns about the overall health of the technology sector, particularly those companies reliant on consumer spending and PC sales.

Intel’s stock price experienced a notable drop following the announcement, reflecting investor apprehension regarding the company’s near-term performance.