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FILE - In this Monday, Jan. 7, 2013, file photo, a man walks past the Intel booth at the International Consumer Electronics Show in Las Vegas.. Intel Corp., the world\'s largest chipmaker, on Thursday, Jan. 17, 2013, said its fourth-quarter net income fell 27 percent from the previous year, as PC sales continued to weaken. (AP Photo/Jae C. Hong, File)

Intel fourth-quarter profit down 27 per cent on slow PC sales, but beats Street estimates

NEW YORK, N.Y. – Intel, the world’s largest chipmaker, says its fourth-quarter net income fell 27 per cent from the previous year, as PC sales continued to weaken.

Net income was $2.47 billion, or 48 cents per share, for the October to December period. That was down from $3.36 billion, or 64 cents per share, a year ago.

Intel beat expectations for the quarter. Analysts polled by FactSet were expecting earnings of 45 cents per share.

Revenue fell 3 per cent to $13.5 billion, matching analyst expectations. Intel is challenged by a shift in consumer spending from PCs to smartphones and tablets, most of which don’t use Intel chips.

The Santa Clara, Calif., company expects about $12.7 billion in first-quarter revenue, below the analyst forecast of $12.9 billion but in line with usual seasonal variations.

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