Tuesday October 16 4:27 PM ET
Intel Quarter Profits Tumble 77 Percent
SANTA CLARA (Reuters) - Intel Corp. on Tuesday reported third-quarter profit that tumbled 77 percent as it suffered from slowing economies and weak personal computer sales, and the world's largest chipmaker forecast that sales in the traditionally strong fourth quarter will be $6.2 billion to $6.8 billion.
Intel (Nasdaq:INTC - news) said that net income before acquisition-related costs fell to $655 million, or 10 cents a share, from $2.89 billion, or 43 cents, a year ago, which included 7 cents a share in acquisition-related costs. Sales declined 25 percent to $6.5 billion from $8.73 billion.
On that basis, the Santa Clara, California-based company had been forecast to report a per-share profit of 10 cents a share, within a range of 8 cents to 11 cents, according to the 24 analysts surveyed by research firm Thomson Financial/First Call. Sales were forecast at $6.38 billion.
Intel, which has been buffeted this year from weak demand and competitive pressure from rival Advanced Micro Devices Inc., also said that it expects fourth-quarter sales of $6.2 billion to $6.8 billion, the same range it has given for the past two quarters.
Intel shares rose 58 cents to close at $24.96 on Nasdaq on Tuesday. The stock has declined 20 percent this year, while the stock price of main rival Advanced Micro Devices Inc. has tumbled 23 percent amid the worst-ever slump in the semiconductor industry.
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Intel Quarter Profits Tumble 77 Percent
SANTA CLARA (Reuters) - Intel Corp. on Tuesday reported third-quarter profit that tumbled 77 percent as it suffered from slowing economies and weak personal computer sales, and the world's largest chipmaker forecast that sales in the traditionally strong fourth quarter will be $6.2 billion to $6.8 billion.
Intel (Nasdaq:INTC - news) said that net income before acquisition-related costs fell to $655 million, or 10 cents a share, from $2.89 billion, or 43 cents, a year ago, which included 7 cents a share in acquisition-related costs. Sales declined 25 percent to $6.5 billion from $8.73 billion.
On that basis, the Santa Clara, California-based company had been forecast to report a per-share profit of 10 cents a share, within a range of 8 cents to 11 cents, according to the 24 analysts surveyed by research firm Thomson Financial/First Call. Sales were forecast at $6.38 billion.
Intel, which has been buffeted this year from weak demand and competitive pressure from rival Advanced Micro Devices Inc., also said that it expects fourth-quarter sales of $6.2 billion to $6.8 billion, the same range it has given for the past two quarters.
Intel shares rose 58 cents to close at $24.96 on Nasdaq on Tuesday. The stock has declined 20 percent this year, while the stock price of main rival Advanced Micro Devices Inc. has tumbled 23 percent amid the worst-ever slump in the semiconductor industry.
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