Intel cuts revenue forecast; BT cuts 10,000 jobs globally

Intel on Wednesday cut its revenue forecast for the fourth quarter, the latest sign that the global financial crisis is leading to a sharp slowdown in IT spending. Intel cited "significantly" weaker-than-expected demand for its products worldwide, and said companies involved in manufacturing PCs are aggressively reducing their component inventories. In other news, British telecom operator BT Group will lay off 10,000 workers as it seeks to cut costs and improve the profitability of its services branch. Most of the job cuts will come from indirect labor, such as subcontractors and offshore workers. (4:17)

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