Intel suffers 96 per cent fall in profits

Predictable but still painful...
Written by Jon Bernstein, Contributor

Predictable but still painful...

Chip giant Intel saw sales fall by 25 per cent and earnings fall by 96 per cent for its third quarter and then announced that things are likely to get worse before they getting better. While the fall in profits was predicted on Wall Street the chip giant still managed to surprise investors and analysts when it said its fourth quarter - the traditionally buoyant holiday period - would be slower than normal. CFO, Andy Bryant, said shaky consumer confidence had been compounded by the terror attacks on 11 September. Sales for the most recent quarter were down from $8.73bn to $6.55bn. Better news for Intel saw its market share continue to rise, if only marginally. Its share of the processor market went up from 76.7 per cent to 77.5 per cent. AMD meanwhile saw its slice of the pie fall to 21.5 per cent.
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