Intel, the world’s largest chipmaker, says its fourth-quarter net income fell 27 percent from the previous year, as PC sales continued to weaken.
Net income was $2.47 billion, or 48 cents per share, for the October to December period. That was down from $3.36 billion, or 64 cents per share, a year ago.
Intel beat expectations for the quarter. Analysts polled by FactSet were expecting earnings of 45 cents per share.
Revenue fell 3 percent to $13.5 billion, matching analyst expectations. Intel is challenged by a shift in consumer spending from PCs to smartphones and tablets, most of which don’t use Intel chips.