Intel on target; Revenue light

If Intel is expecting a big bump from Vista--or AMD's miscues--it isn't showing it.

Intel reported first quarter earnings of 22 cents a share, excluding a 5 cent tax gain. Revenue of $8.85 billion. According to Thomson Financial, Intel's results met Wall Street estimates, but revenue was expected to be $8.99 billion.

Intel, which is holding court at its Intel Developer's Forum in Beijing, projected revenue to be $8.2 billion to $8.8 billion for the second quarter. Wall Street was expecting sales of $8.86 billion.

CEO Paul Otellini said in a statement that "average selling prices for the quarter held up well in a very competitive environment."

Among key figures:

• Total microprocessor units were lower compared to the fourth quarter.
• Chipset, motherboard and flash memory units were lower compared to the fourth quarter.
• R&D spending for 2007 is projected to be $5.6 billion, up from the previous expectation of $5.4 billion.
• The digital enterprise group had revenue of $4.75 billion and an operating profit of $931 million.
• The mobility group had revenue of $3.3 billion and operating income of $1.38 billion.