Chip giant Intel Corp has issued its second revenue warning today since November, as demand for PCs continues to drop and the companies shares fell 3.25 percent.

The release just in informs us that: "Intel Corporation today announced preliminary fourth-quarter financial information with revenue of approximately $8.2 billion, down 20 percent sequentially and down 23 percent year over year."

An ugly period

Consider that only back in October 2008 Intel had expected revenue in the range of $10.1 billion to $10.9 billion.

"Clearly we are going to be in an ugly period for corporate earnings," Tim Ghriskey, an analyst with Solaris Asset Management told Reuters.

"Intel being a bellwether for the industry it will take the industry down as well."

No alarms, no surprises

Intel is set to report its earnings on January 15. We'll bring you more news from the chip manufacturer on that day. Today's release notes: "The preliminary estimate of gross margin for the fourth quarter is at the bottom of the previous expectation of 55 percent, plus or minus a couple of points."

So don't expect it to be cheery news!

"If you are surprised by this news, then you've been on a desert island. We all know the economy is weak," said Walter Todd, portfolio manager at Greenwood Capital Associates.