Intel quarterly profitfalls 14%

Intel, the world's largest chipmaker, says its net income fell 14 per cent from last year,and it's looking at tough conditions in thenew quarter. Third-quarter net income was $2.97 billion US, or 58 cents per share, down from$3.47 billion, or 65 cents per share, a year ago. Intel Corp. blames tough economic conditions, but analystsbelieve a shift in spending from PCs to tablets and smartphones may be contributing. Still, Intel beat expectations for the quarter. Analysts polledby FactSet were expecting earnings of 50 cents per share. Revenue fell 5.5 per cent to $13.5 billion. Analysts were expecting $13.22 billion. The Santa Clara, Calif., company says it expects about $13.6 billion in fourth-quarter revenue, belowthe analyst forecast of$13.7 billion.