Wall Street has cut sales estimates for Intel as a consequence of the declining PC market.

According to Forbes, Citigroup analyst Glen Yeung has lowered expectations for the semiconductor chip maker after a failure to meet targets during the last quarter.

Posting a sales growth of just 0.7%, Intel sat considerably below seasonal growth of 3.2% during the quarter, leading Yeung to predict more of the same for the company.

Cutting estimates to the low-end of Intel's guidance range, Yeung told Forbes:

“Notebook ODM data has been noticeably weak, down 5% month-over-month in October (vs. expectations flat-to-up) and likely down again in November."

After reporting a quarterly revenue of $13.5 billion for the third quarter during mid-October, Intel showed an operating income of $3.8 billion, net income of $3.0 billion and EPS of $0.58.

At the time of the findings, Intel president and CEO Paul Otellini said:

"Our third-quarter results reflected a continuing tough economic environment.

"The world of computing is in the midst of a period of breakthrough innovation and creativity.

"As we look to the fourth quarter, we're pleased with the continued progress in Ultrabooks and phones and excited about the range of Intel-based tablets coming to market."

Citing "little support" from Windows 8 notebooks, Yeung also claims notebook shipments will be down 2-5% during the fourth quarter.

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