Intel Corp. reported a 27% drop in earnings for the fourth quarter on Thursday afternoon, with the chip giant citing a sharp slump in PC demand as well as other factors
For the period ended Dec. 29, Intel reported net income of $2.6 billion, or 48 cents a share, compared to net income of $3.4 billion, or 64 cents a share, for the same period the previous year
The company said net income on a non-GAAP basis for the recent quarter were $2.6 billion, or 51 cents per share
Revenue fell 3% to $13.5 billion
Analysts were expecting earnings of 45 cents a share on revenue of $13.5 billion for the quarter, according to consensus estimates from FactSet
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