SANTA CLARA, Calif.-In spite of a substantial surge in its first-quarter profits, Intel Corp. did not live up to Wall Street expectations, and company shares fell 23 cents to $27.44 Wednesday.
Intel’s profit rose 89 percent to $ 1.7 billion in the first quarter of the year in contrast to $915 million at the same period last year. Its earnings per share rose to 26 cents compared with 14 cents in the year-ago period. Wall Street had anticipated 27 cents per share.
“Intel’s first-quarter results showed healthy growth in both revenue and earnings compared to a year ago, led by improvement in worldwide IT (information technology) spending,” said Craig Barrett, Intel chief executive officer.
Its sales jumped 20 percent to $8.1 billion compared to $6.75 billion a year ago.
