Intel Corp. (Nasdaq: INTC), the No. 1 chipmaker, beat earnings expectations in the second quarter but reduced its revenue forecast for the year as the growth of China's economy is expected to slow.

"Our growth will be slower than we anticipated," said CEO Paul Otellini.

Santa Clara, Calif.-based Intel reported net income fell 4 percent to $2.83 billion, or 57 cents a share, excluding one-time items, beating an estimate of 54 cents per share by analysts surveyed by Bloomberg. Revenue rose 3.5 percent to $13.5 billion, below the $13.57 billion forecast by analyst compiled by analysts surveyed by Thomson Reuters.

The company cut its full-year revenue forecast to between 3 percent and 5 percent, down from high single-digit growth.

Shares of Intel fell a dime , or 0.08 percent, to $25.28 in after-market trading. They've gained about 4.6 percent in 2012.

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