Intel Corp. slumped after the world’s largest chipmaker said fourth-quarter net income fell 27 percent from the previous year, as PC sales continued to weaken. Net income was $2.47 billion, or 48 cents per share, down from $3.36 billion, or 64 cents a year ago. But Intel still beat estimates partly due to slightly higher chip prices. Revenue fell 3 percent to $13.5 billion. A shift in consumer spending from PCs to smartphones and tablets continue to challenge chip firms.
Weaker PC sales continue to dog Intel
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