London, Jan. 19 (ANI): The world's largest microchip maker, Intel is suffering amid the downturn in the PC market, as consumers and businesses are increasingly turning to smartphones and tablets.
The firm reported profits below 27 percent for the fourth quarter, and its third straight quarter of falling revenues.
Intel's continuing decline is the latest evidence of the tectonic shift towards mobile computing, the Telegraph reports.
According to the report, Intel has invested heavily in an effort to get its hardware into more smartphones and tablets.
Two leading industry analysts said that worldwide sales slumped by as much as 6.4 percent last quarter.
Intel's chief executive Paul Otellini, delivering his final full year results before taking early retirement, said the firm had performed 'largely as expected' in a 'challenging environment', the report said.
The company's net income fell 27 percent compared to the same three months in 2011, to 2.47 billion dollars, on revenues that were down three per cent to 13.5 billion dollars.
Annual profits fell 15 percent to 11 billion dollars, on sales of 53.3 billion dollars, down 1.2 percent.
Intel has itself sought to reinvigorate the PC market by ploughing marketing dollars into "ultrabooks", its name for very thin, light laptops, the report added. (ANI)