Intel’s interim CEO, Robert Swan, told CNBC on Friday that a number of global concerns are leading the company to reduce its 2019 outlook.
“Some geopolitical dynamics … are going to weigh on ultimate consumers and enterprise desires to buy, and that’s whether it’s U.S.-China trade, whether it’s the U.S. government shutdown, whether it’s Brexit,” Swan said on “Squawk Alley.” “As we enter 2019, we just see a little bit of cloudy macro and geopolitical dynamics.”
Intel reported lower-than-expected fourth-quarter revenue of $18.66 billion after the bell Thursday. The computer chip giant also warned on guidance for the first quarter 2019.
Shares of the Dow component were sinking about 6 percent Friday, wiping out this year’s gains.
Still, Swan saw some optimism for the second half of the year.
“We expect those clouds to dissipate overtime and get back to a more healthy environment,” he said. “But right now, we’re a little bit cautious in light of those clouds as we look into 2019 and set our expectations for the year.”
Meanwhile, Swan, who said he does not want the CEO job permanently, said the Intel board has not picked a new chief executive yet. While refusing to put a timetable on the search, he did say he expects a decision in the “near term.”