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Intel CEO Pat Gelsinger — REUTERS/File Photo

INTEL Corp chief executive officer (CEO) 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 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 US$11bil (RM49bil) less than projected, buffeted by a slackening economy and server market-share losses.

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