Intel PC chip sales rise, but profit forecast falls short: Details here

(Reuters) – Intel Corp on Thursday raised its annual sales outlook on booming demand for personal computers, but its second-quarter profit forecast fell short of analyst expectations as the company spends heavily to get its manufacturing operations back on track and catch up to rivals with faster chips.

Intel shares were down 3.1% to $60.60 in after-hours trading after the results. The company also missed first-quarter expectations in its closely watched data center chip unit.

Intel fumbled new manufacturing technology in recent years, causing it to fall behind rivals such as Advanced Micro Devices Inc and Nvidia Corp in the race to make faster, smaller chips. Patrick Gelsinger, who returned to Intel as its chief executive earlier this year,