Intel expected to report lower earnings today during earnings report
The tech earnings season kicks off today with chip giant Intel, which is expected to report a sharp drop in sales and profit even as Wall Street anticipates signs of a stabilizing market. Intel is scheduled to report its second-quarter results after the closing bell.
Analysts now expect the Santa Clara, Calif.-based chip maker to report earnings of 8 cents a share on revenue of $7.3 billion, according to a consensus survey by FactSet Research. That’s well below results from the year-earlier period, when Intel reported earnings of 28 cents a share on revenue of $9.5 billion. But analysts say Intel is benefiting from several trends, including improving demand for personal computers, marked by an anticipated uptick in corporate spending as more companies refresh their aging PCs. The upcoming release of the Microsoft Windows 7 operating system is also expected to drive sales in the coming months.
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