Intel works off inventories a bit

Intel reported fourth quarter earnings of 26 cents a share, a penny above consensus estimates, on revenue of $9.7 billion.

Intel reported fourth quarter earnings of 26 cents a share, a penny above consensus estimates, on revenue of $9.7 billion. Analysts were expecting revenue of $9.4 billion, according to Thomson Financial.

Compared to a year ago, the results paint a rough picture. Fourth quarter revenue was down 5 percent from a year ago; operating income fell 55 percent and net income was down 39 percent.

More importantly inventories--a big concern with chip makers these days--was down $163 million from September 30 to December 30. However, inventories for the quarter ending Dec. 30 are still $1.2 billion higher than a year ago.

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