Intel's Quarterly Profit Drop Is Within Expectations
SANTA CLARA (CBS/AP) -- Intel, the world's largest chipmaker, said its profit fell 13 percent in the latest quarter as operating expenses rose while sales were flat. The results beat analyst expectations.
First-quarter net income was $2.74 billion, or 53 cents per share, down from $3.16 billion, or 56 cents per share, a year earlier.
Analysts polled by FactSet were expecting earnings of 50 cents per share.
Revenue was flat at $12.9 billion. Analysts were expecting $12.8 billion.
The Santa Clara company said it expected $13.1 billion to $14.1 billion in second-quarter revenue, with a midpoint of $13.6 billion, above the analyst forecast of $13.4 billion.
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