Intel's revenue forecast short of expectations
By Noel Randewich | January 18, 2013 8:35 AM EST
Intel Corp forecast current-quarter revenue that was slightly below expectations as the personal computer industry grapples with falling sales and a shift toward tablets and smartphones.
PC makers are struggling to stop a decline in sales as consumers hold off on buying new laptops in favor of spending on more nimble mobile gadgets.
Intel said its capital spending in 2013 would be $13 billion, plus or minus $500 million, exceeding what many analysts had expected.
In the fourth quarter, Intel's revenue was $13.5 billion, compared with $13.9 billion a year earlier. Analysts had expected $13.53 billion in revenue for the fourth quarter, according to Thomson Reuters I/B/E/S.
Intel estimated first-quarter revenue of $12.7 billion, plus or minus $500 million. Analysts expected $12.91 billion for the current quarter.
Net earnings in the December quarter were $2.5 billion, or 48 cents a share, compared with $3.4 billion, or 64 cents a share, in the same quarter last year.
(Reporting by Noel Randewich; Editing by Richard Chang)