Intel quarterly profit falls 14%
Firm warns of slow fourth quarter
Intel, the world's largest chipmaker, says its net income fell 14 per cent from last year, and it's looking at tough conditions in the new quarter.
Third-quarter net income was $2.97 billion US, 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 per cent to $13.5 billion. Analysts were expecting $13.22 billion.
The Santa Clara, Calif., company says it expects about $13.6 billion in fourth-quarter revenue, below the analyst forecast of $13.7 billion.