Computer chip giant Intel Corp reported a rise in fourth-quarter net income of 51 per cent Tuesday thanks to record sales of microprocessors and chipsets.
The world's largest computer-chip maker reported net income of 2.27 billion dollars, or 38 cents a share, for the quarter, compared with 1.5 billion, or 26 cents a share, a year earlier. Revenue rose 11 per cent to a record 10.71 billion dollars.
However the company's stock was sharply down as the results fell short of Wall Street expectations. Analysts had expected Intel to report earnings of 40 cents per share on revenue of 10.84 billion dollars, according to Thomson Financial.
The company has benefited from strong demand for mobile computing devices that contain smaller and more expensive chips than regular PCs. But fears of an economic downturn has led to lower general demand across the PC market, with demand especially low at financial companies which are traditionally one of the sector's biggest buyers. ( Dpa )