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Intel 1Q Net Down 13% On Higher Expenses

DOW JONES NEWSWIRES Intel Corp.'s (INTC) first-quarter profit sank 13% as the chip maker saw higher expenses, along with sliding revenue in all three of its major segments. Intel, considered a bellwether for the broader industry because its chips run more than 80% of the world's PCs, posted record results in 2011 despite worries about demand. The company faces soft PC sales in mature markets like the U.S., and hard-disk drive shortages had hurt manufacturers' ability to build computers. But the company's data-center business, particularly servers, has been buoying results, and emerging markets such as China have been giving sales a lift. Additionally, Intel hopes to revitalize the PC industry with thin and light laptops called Ultrabooks, and it's finally gaining some traction in the mobile-devices market with its processors. JPMorgan Chase this month said business conditions for semiconductor companies continue to improve almost across the board, as backlog and bookings have steadily risen since December. Order rates from PC end markets are improving, the banking firm said, as hard disk drive shortages were mitigated faster than expected--benefiting PC suppliers like Intel and Advanced Micro Devices Inc. (AMD). The second quarter looks to be headed toward normal seasonal growth, as well, JPMorgan said. Intel reported a profit of $2.74 billion, or 53 cents a share, down from $3.16 billion, or 56 cents a share, a year earlier. Excluding acquisition-related costs, amortization and other items, the latest period's earnings shrank to 56 cents from 58 cents. Analysts were expecting 50 cents. Revenue improved 0.5% to $12.9 billion, in line with the company's January range of $12.3 billion to $13.3 billion. Gross margin, a closely watched figure for chip makers, widened to 64% from 61.4%. Sales in the company's PC client group, which makes up about two-thirds of the top line, fell 2%, while data-center revenue sank 0.5%. Intel's other architecture group posted 6.4% lower revenue. Operating expenses climbed 20% to $4.46 billion. For the current quarter, Intel targeted a top line of $13.1 billion to $14.1 billion, bracketing analysts' forecast of $13.45 billion. Shares closed Tuesday at $28.47 and were down 1.5% after hours. Through the close, the stock was up 17% over the past year amid growing strength in the chip sector. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Advanced Micro (AMD)
DateTimeHeadline
04/02/201409:27:32U.S. Hot Stock Futures: Hot Stocks to Watch
02/04/201415:06:39ADM Profit Falls on Charges, Slow Corn Selling --Update
01/22/201417:14:04MARKET SNAPSHOT: IBM Drags On Dow; U.S. Stocks Mostly Rise
01/22/201412:03:26TECH STOCKS: IBM's Outlook Gives Big Blue A Black Eye
01/22/201411:11:45MARKET SNAPSHOT: IBM Drags On Dow As U.S. Stocks Mostly Fall
01/22/201410:17:37MARKET SNAPSHOT: U.S. Stocks Open Higher; IBM Drags On Dow
01/22/201409:17:27U.S. Hot Stocks: Hot Stocks to Watch
01/21/201420:30:42AMD Posts Profit But Warns on Revenue
01/21/201418:14:08TECH STOCKS: Expedia Gets Hit On Google Traffic Decline Issue
01/14/201416:43:25TECH STOCKS: Intel, Google Lift Techs; GameStop Falls
12/05/201311:08:09TECH STOCKS: Apple Gains On China News; Chips Lift Techs
11/15/201307:10:27AQR Capital Management 3Q 13F: Largest Purchases -2-
11/15/201307:10:23AQR Capital Management 3Q 13F: Largest Sales
11/14/201307:19:29The Vanguard Group 3Q 13F: Largest Purchases -2-
11/14/201307:19:25The Vanguard Group 3Q 13F: Largest Sales
11/12/201316:47:10TECH STOCKS: Symantec Slides; Facebook, AMD Rise
11/01/201316:50:39TECH STOCKS: Apple, Chips Weigh On Techs; Groupon Rallies
11/01/201311:17:44TECH STOCKS: H-P, Groupon, Facebook Keep Techs In Black
10/21/201316:51:12TECH STOCKS: Apple, Netflix, Yahoo Lead Tech Stocks Higher
10/21/201311:03:36TECH STOCKS: Apple, Netflix, Yahoo Lead Techs Higher

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