Intel warned Thursday that its first quarter revenue will be lower than expected.



The chipmaker said that it now expects revenue for the quarter to be $12.8 billion, plus or minus $300 million. Its previous expectation had been $13.7 billion, plus or minus $500 million.

That new guidance comes in substantially lower than even Wall Street's most pessimistic outlook: The lowest Street revenue estimate for Intel's first quarter was $13.23 billion.

The company's stock fell about 5 percent as the market opened Thursday morning, and then cut some of those losses.

