Including acquisition costs and other items, Intel reported net income fell 77 percent, to $504 million, from $2.19 billion a year ago. The upside was that Intel posted a profit of $998 million (15 cents per share), whereas analysts had expected the company to fall in the 10-13 cents per share range. Profits were down 62 percent from last year, and sales fell 20% to $6.98 billion.
"2001 is easily the worst recession this industry has ever seen," said Andy Bryant, Intel's CFO.
