Even the mighty Intel seems unable to escape economic woes across the world. On Friday company was forced to cut its quarterly revenue outlook due to weaker than expected demand.

The company now expects third-quarter revenue to be $13.2 billion, plus or minus $300 million, compared to the previous expectation of $13.8 billion to $14.8 billion. Expected gross margin is now 62 percent, plus or minus one percentage point.

Intel blames the revision on softness in the enterprise PC market segment and slow demand in emerging markets. As a result, customers are reducing inventory in the supply chain, which usually grows in Q3.