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Intel 1Q earnings fall 13 percent, meet Street

Intel 1Q earnings fall 13 percent, meet Street expectations as revenue holds steady By The Associated Press

NEW YORK (AP) ' Intel, the world's largest chipmaker, says its profit fell 13 percent in the latest quarter as operating expenses rose while sales were flat. The results beat analyst expectations.

First-quarter net income was $2.74 billion, or 53 cents per share, down from $3.16 billion, or 56 cents per share, a year earlier.

Analysts polled by FactSet were expecting earnings of 50 cents per share.

Revenue was flat at $12.9 billion. Analysts were expecting $12.8 billion.

The Santa Clara, Calif., company says it expects $13.1 billion to $14.1 billion in second-quarter revenue, with a midpoint of $13.6 billion, above the analyst forecast of $13.4 billion.

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