Intel Corp. announced its quarterly earnings on Wednesday, noting its largest decline in profits in over four years. According to Bloomberg, the computer chip maker reported a 38 percent drop in profits. Net income fell to US$1.35 billion, down from $2.18 billion for the same quarter last year.
Sales were down 5.2 percent overall at $8.94 billion, coming in under analysts estimates.
American Technology Research analyst, Doug Freedman, commented "I still have my concerns that the company is going to run into some problems in the back half of the year," and rated Intel shares as "hold."
Intel stock is currently trading at $19.56, up 0.17 (0.88%).