Intel reported lower first quarter earnings
and income Monday, as the computer chip giant felt the effects of the
dramatic slow down in PC sales in the face of tablet and smartphone
The Silicon Valley pioneer said it had revenue of 12.58 billion dollars in the quarter, compared to the 12.9 billion dollars booked a year ago. Profits slid to 2.04 billion dollars from 2.74 billion dollars in the year ago quarter.
"Amidst market softness, Intel performed well in the first quarter and I'm excited about what lies ahead for the company," said Paul Otellini, Intel president and CEO.
The company has reigned supreme over the market for computer chips
since the start of the personal computer revolution. But the growth of tablets and smartphones which use chips not made by Intel have seriously damaged the company's clout.
Adding to the turmoil is the decision of Otellini to step down as chairman and chief executive officer after eight years at the helm. He is to leave the company in May and a successor has not yet been named.
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