Intel shares sink as third-quarter sales miss estimates

Visitors are seen at the Intel booth during the China Digital Entertainment Expo and Conference, also known as ChinaJoy, in Shanghai, China July 30, 2021. Picture taken July 30, 2021. REUTERS/Aly Song/Files

(Reuters) - Shares of Intel Corp sank on Thursday as the company reported third-quarter sales that missed expectations, with Chief Executive Officer Pat Gelsinger telling Reuters that shortages of ancillary chips needed to make full computers are holding back sales of the company's flagship processor chips.

The company's leaders also said that margins will be lower for several years and that it will spend heavily to revamp its chip factories. Shares of Santa Clara, California-based Intel, the world's biggest maker of central processors at the heart of PCs and data center servers, fell 9% in extending trading.