Intel 3rd Quarter Earnings Drop; Slow 4Q Expected
SANTA CLARA (CBS/AP) — Intel, the world’s largest chipmaker, said its net income fell 14 percent from last year, and it’s looking at tough conditions in the new quarter.
Third-quarter net income was $2.97 billion, or 58 cents per share, down from $3.47 billion, or 65 cents per share, a year ago. Intel Corp. blames tough economic conditions, but analysts believe a shift in spending from PCs to tablets and smartphones may be contributing.
Still, Intel beat expectations for the quarter. Analysts polled by FactSet were expecting earnings of 50 cents per share.
Revenue fell 5.5 percent to $13.5 billion. Analysts were expecting $13.22 billion.
The Santa Clara company said it expects about $13.6 billion in fourth-quarter revenue, below the analyst forecast of $13.7 billion.
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