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Intel Earnings Down, But Still Beats the Street

Intel reported a big drop in fourth-quarter earnings, but the bad news was buffered when it revealed that profits and revenues exceeded the expectations of analysts.
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.

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