Intel says sales may fall further
By Chris Kraeuter, CBS.MarketWatch.com
Last Update: 4:42 PM ET Oct. 16, 2001
SANTA CLARA, Calif. (CBS.MW) -- Intel, the world's largest chipmaker, reported a
96 percent drop in net income during the third quarter as sales slid 25 percent to
$6.5 billion.
The chipmaker said its revenue could continue to decline to as low as $6.2 billion or
be as high as $6.8 billion during the fourth quarter. Analysts had expected
fourth-quarter revenue of $6.93 billion.
The company said in a statement: "Continuing uncertainty in global economic
conditions makes it particularly difficult to predict product demand and other related
matters."
For the quarter ended in September, Intel
reported net income of $106 million, or 2
cents a share, on revenue of $6.5 billion.
During the same quarter last year, net
income was $2.5 billion, or 36 cents a
share, on revenue of $8.7 billion.
Excluding restructuring charges, pro forma
net income was $655 million, or 10 cents
a share. During the same quarter last
year, pro forma net income was $2.9
billion, or 41 cents a share.
Analysts expected earnings excluding charges of 10 cents a share on revenue of $6.4
billion.
Ahead of the news, shares (INTC: news, chart, profile) ended up 58 cents to $24.96.
Chris Kraeuter is a reporter for CBS.MarketWatch.com in San Francisco. |
