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, Calif., company says it expects about $13.6 billion in fourth-quarter revenue, below the analyst forecast of $13.7 billion.
(Copyright 2012 The Associated Press. All rights reserved.)