Intel 4Q Profit Down, Beats Street

NEW YORK (AP) - 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. The Santa Clara, Calif., company expects about $12.7 billion in first-quarter revenue, below the analyst forecast of $12.9 billion but in line with usual seasonal variations.