Intel reported disappointing earnings for its fourth quarter and an outlook for the current quarter that were below Wall Street expectations, dimming the near future view for electronics.
The Santa Clara, California-based chip maker said net income for the previous quarter was up $2.27 billion, or 38 cents per share, from $1.50 billion, or 26 cents per share in the year ago period. Sales grew 10.5 percent to $10.7 billion, from $9.69 billion.
Expectations were for a profit of 40 cents after charges, with sales of $10.8 billion, according to analyst estimates.
Shares of Intel closed down $0.38 cents, or 1.65 percent, to $22.70.
For its first quarter, Intel expects sales of $9.4 billion to $10.0 billion. Analysts were expecting sales of $10.1 billion.