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| Tuesday, October 17, 2006 |
Intel Corp. (NASDAQ:INTC) on Tuesday posted a third-quarter profit that fell by more than a third from a year earlier, as the world's biggest chipmaker felt the impact of price cuts and an inventory write-off.
Intel, which supplies the vast majority of chips that power personal computers, had a net profit of $1.3 billion, or 22 cents per share, compared to $2 billion, or 34 cents per share, a year earlier.
The company had been expected to show a profit, excluding special items, of $1.02 billion, or 17 cents per share, according to the average analyst forecast on Reuters Estimates. On that basis, Intel said it earned $1.5 billion, or 27 cents per share.
Intel has been struggling to restart profit growth by rolling out new products aimed at regaining market share lost to rival Advanced Micro Devices Inc. (NYSE:AMD), and by cutting costs through layoffs and the sale of money-losing businesses.
Intel shares have risen nearly 12 percent since the start of its third quarter in early July, but are still about 20 percent below a year-high touched early last December. AMD has risen 3 percent since early July and is down about 40 percent from its 52-week high hit in March. |
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