Intel's PC Business Falls Flat, Profits Boom 34%

In Intel's financial third quarter reported Thursday, the chip giant made $16.1 billion in revenue on earnings of 94 cents per share, beating Wall Street estimates of $15.73 billion in revenue on earnings of 80 cents per share. The PC market continues to be a challenge for Intel. Growth in the company's PC unit was flat over the previous year with $8.9 billion in sales for the quarter. In addition to a slowing market, Intel faces a more competitive Advanced Micro Devices, which just launched its latest chips for laptop computers on Thursday. "We have earnings growth in a market with increasing competition," pointed out Intel CFO Bob Swan in an interview.