Intel (Nasdaq:INTC) Revenue Outlook Lowered by $300 Million

Intel (Nasdaq:INTC) said they're cutting their revenue projections in the first quarter by $300 million, citing an issue in connection with their recently released support chip.

Via a press release, Intel said they found their new support chip has ports within its 6 Series that could "degrade over time." That could result in devices connected to the ports to underperform or have an impact on its functionality.

The Intel 6 Series chipset is installed in computers with Intel's new second-generation core processors, Sandy Bridge - which started to be shipped on January 9.

Trading on Intel was temporarily stopped on the news, but has since resumed.

Intel said they've stopped shipping the chips and have started manufacturing a new version without the issue.

The company will take a charge against goods sold, and will spend approximately $700 million to take care of the problem.

For the full year, they said revenue shouldn't "be materially affected."

Intel was trading at $21.24, down $0.22, or 1.05 percent, as of 11:45 AM EST.