Intel Earnings Beat Expectations, but stiff competition remains
Intel Corp. said late Tuesday that third-quarter profit plunged 35% from a year ago as the world’s largest chipmaker faced stiff competition from its smaller rival, Advanced Micro Devices Inc. The world’s largest maker of computer chips said net income was $1.3 billion, or 22 cents a share, down from $2 billion, or 32 cents, in last year’s same period.
The results beat Wall Street’s expectations. Analysts surveyed by Thomson First Call expected the company to post earnings of 18 cents a share on revenue of $8.62 billion. Intel said its latest results included gains of $230 million, resulting from the sales of businesses and an investment in Micron Technology Inc. Intel, which has been saddled with a glut of chips for most of the year, also said it wrote-off older microprocessor inventory worth $100 million.
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