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16/01/2002
Intel reports profit loss for fourth quarter
Semiconductor manufacturer Intel has reported plummeting profits, which could see the company cut capital investment by almost 25 per cent during the coming year.
Fourth quarter results from the firm saw profits down by 77 per cent on the same time last year, standing at $504m. The news comes despite considerable sales over the Christmas period, which saw Intel meeting its retail targets thanks to extensive price slashing.
Despite growing gloom in the semiconductor sector, last October saw Intel announce its intention to stick with its initial capital spending plans for 2001. However, the current uncertain economic climate means the company is to pursue a more cautious approach with investment in 2002, with Intel facing flat sales for the next quarter and no sign of a resurgence in global demand.
Intel’s closest competitor in the semiconductor market, Samsung Electronics, also posted a profit loss, with figures down by 65 per cent for the fourth quarter. (CL)
Fourth quarter results from the firm saw profits down by 77 per cent on the same time last year, standing at $504m. The news comes despite considerable sales over the Christmas period, which saw Intel meeting its retail targets thanks to extensive price slashing.
Despite growing gloom in the semiconductor sector, last October saw Intel announce its intention to stick with its initial capital spending plans for 2001. However, the current uncertain economic climate means the company is to pursue a more cautious approach with investment in 2002, with Intel facing flat sales for the next quarter and no sign of a resurgence in global demand.
Intel’s closest competitor in the semiconductor market, Samsung Electronics, also posted a profit loss, with figures down by 65 per cent for the fourth quarter. (CL)
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