Intel said it expected revenue of between $13.4 billion and $14 billion in the fourth quarter, down from its previous forecast of between $14.2 billion and $15.2 billion.
"Sales of personal computers are expected to be up sequentially in the fourth quarter," Intel said in a statement.
"However, the worldwide PC supply chain is reducing inventories and microprocessor purchases as a result of hard disk drive supply shortages."
Intel said it expects disk drive supply shortages to continue into the first quarter of next year, "followed by a rebuilding of microprocessor inventories as supplies of hard disk drives recover during the first half of 2012."
Months of flooding this year shut down many hard disk drive factories in Thailand, which supplies about 40 per cent of the world market for the crucial components.