Intel Cuts Capital Spending Plans

Intel said it expects its full-year capital spending to be 12 billion US dollars, plus or minus 500 million dollars, down 1 billion from its prior expectations. However, it still expects a low single-digit percentage increase in revenues in 2013. "Amidst market softness, Intel performed well in the first quarter and I'm excited about what lies ahead for the company," said Paul Otellini, Intel president and CEO. "We shipped our next generation PC microprocessors, introduced a new family of products for micro-servers and will ship our new tablet and smartphone microprocessors early this quarter. We are working with our customers to introduce innovative new products across multiple operating systems. The transition to 14nm technology this year will significantly increase the value provided by Intel architecture and process technology for our customers and in the marketplace." source: Intel statement