Intel Corp. issued one of the bleakest quarterly outlooks in its history after a slump in the personal computer sector caused its shares to plunge and stalled efforts to revitalize its business, Bloomberg writes.

The company warned of unexpected losses in the current period and a sales range that fell short of analysts’ estimates by billions of dollars, amid the company’s multiyear effort to return under Chief Executive Pat Gelsinger, who took over in 2021, to stable financial performance.

Intel shares fell nearly 10 percent in late trading Thursday. They had earlier closed at $30.09.

Intel forecast its gross margin – the percentage of sales left after deducting product costs – to be 39% in the first quarter, down 14.1 points from the same period a year ago.

The chip maker said first-quarter sales will be between $10.5 billion and $11.5 billion, which compares with Wall Street’s average estimate of $14 billion. Intel anticipates a loss of 15 cents for the quarter, excluding some items. Analysts had forecast a profit of 25 cents.