Intel Reports Slight Drop in Earnings

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SAN FRANCISCO -- Intel reported earnings on Tuesday that were slightly lower than the same quarter a year ago, reflecting a drop in demand for personal computers.

The company, the world's largest semiconductor maker, reported that net income in the third quarter was $2.95 billion, or 58 cents a share, just a bit below the year-ago quarter. Revenue was slightly higher, at $13.5 billion.

"We are executing on our strategy to offer an increasingly broad and diverse product portfolio," Brian M. Krzanich, Intel's chief executive, said in a statement accompanying the release. He called the quarter "modest growth in a tough environment."

The net income was above the expectations of Wall Street analysts. They had expected 53 cents a share and revenue of $13.47 billion, according to a survey of analysts by Thomson Reuters.

Intel, based in Santa Clara, Calif., has long dominated the market for PCs and computer servers, but was slow to move into mobile devices like smartphones and tablets. Mr. Krzanich, who took over last spring, has said that he is taking steps to fix the problem, but that results will take time.

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This article originally appeared in The New York Times. First Published October 15, 2013 2:00 PM


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