Intel has announced that it will miss fourth quarter revenue forecasts due to hard drive shortages.

Originally, the chipmaker was eyeing revenues in the $14.2 to $15.2 billion range, but now it expects to end the quarter with $13.4 to $14 billion. The market did not take the news well and Intel shares dropped more than 4 percent following the announcement.

In a brief statement Intel said the PC supply chain was affected by HDD shortages and that partners were cutting their CPU orders as a result. Chipzilla reckons the shortage will continue into the first quarter, but it should recover during the first half of 2012.