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.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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