Intel’s profit shrinks by 90% in Q4, 08
By Tarry Singh at 15 January, 2009, 3:49 pm
Intel Corp., the world’s biggest maker of semiconductors, said fourth-quarter profit dropped 90 percent after the recession curbed demand and forced the company to write down the value of its investments.
Net income fell to $234 million, or 4 cents a share, from $2.27 billion, or 38 cents, a year earlier, the company said today in a statement. Revenue may be about $7 billion this quarter, Intel said, without providing an official forecast. Analysts had estimated sales of $7.18 billion on average in a Bloomberg survey.
Intel faces its worst slowdown since the 2001 slump that followed the dot-com bust. As demand for personal computers stalls, manufacturers are working through their existing supplies of chips, rather than ordering new ones. Still, the lean inventories could help the industry rebound more quickly when the economy turns around.
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