Intel Profit Plunges 90% Q4

Net profit of $234 million down from $8.2 billion

The economic slowdown and slumping demand for personal computers sent Intel's net profit sharply lower as the world's biggest computer chip maker reported its fourth-quarter results on Jan. 15. The company said net profit in the last three months of the year plunged to $234 million, down 90% from a year ago, on revenue of $8.2 billion.

Intel reported profit of $2 billion in the third-quarter of 2008, on $10.2 billion of revenue.

Intel also reported that net profit for the year declined 24% to $5.3 billionon revenues of $37.6 billion, two percent lower than a year ago.

"The economy and the industry are in the process of resetting to a new baseline from which growth will resume," Intel president and chief executive Paul Otellini said. "While the environment is uncertain, our fundamental business strategies are more focused than ever," he said. "Intel has weathered difficult times in the past, and we know what needs to be done to drive our success moving forward. Our new technologies and new products will help us ignite market growth and thrive when the economy recovers."

Copyright Agence France-Presse, 2009

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