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Intel 4Q profit plunges 90 pct, meets forecasts

Intel 4Q profit plunges 90 pct, meets forecasts

Intel Corp. says its fourth-quarter profit plunged 90 percent. But the chip maker still met Wall Street's subdued expectations.
Intel was hurt by a huge writedown and wheezing PC sales that have crimped demand for microprocessors.
Net income was $234 million, or 4 cents per share, compared with $2.3 billion, or 38 cents per share, in the year-ago period. Profit was badly hurt by a $1 billion writedown of the value of Intel's investment in Internet provider Clearwire Corp.
Sales were $8.2 billion, a 23 percent shortfall from last year. Intel blunted the shock of the big declines by lowering its guidance twice.


Updated : 2020-11-30 14:06 GMT+08:00