Intel reports lower 1st-quarter net income amid PC slump but revenue inches higher

Intel’s earnings fell in the 1st quarter of this year inline with the slump in worldwide PC market. Despite the drop in earnings, revenue grew slightly due to the demand for tablet propcessors and data centre services.

Intel Corp. said Tuesday that it earned $1.95 billion, or 38 cents per share, in the January-March quarter. That’s down 5 percent from $2.05 billion, or 40 cents per share, a year earlier. Revenue grew 1 percent to $12.8 billion from $12.6 billion. Analysts, on average, were expecting earnings of 37 cents per share on revenue of $12.8 billion.

Shares of the Santa Clara, Calif., company climbed 57 cents, or 2.1 percent, to $27.34 in extended trading after the results came out. The stock had closed at $26.77, up 21 cents and not far from its 52-week high of $27.12.