Intel Expects Revenue Growth in Low Single Digits for 3 Years

(Bloomberg) -- Intel Corp. said revenue growth for the next three years will be at a percentage in the low single digits, with its main personal-computer chip business flat to slightly down. Shares dropped on the forecast.

The PC unit will continue to generate strong cash flow, Chief Executive Officer Bob Swan said at an investor presentation Wednesday at Intel’s Santa Clara, California, headquarters. Sales of Intel’s data-centric products -- including server processors and chips used for artificial-intelligence functions -- will expand at a percentage in the high single digits, Swan said.

Shares, which had been little changed before the forecast, slid 2.5 percent to $49.24 at the close in New York. The stock is the worst performer on the Philadelphia Stock Exchange Semiconductor Index this year.

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