Intel Corp. says its fourth-quarter profit plunged 90 percent. But the chip maker still met Wall Street's subdued expectations. Intel was hurt by a huge writedown and wheezing PC sales that have crimped demand for microprocessors.
Net income was $234 million, or 4 cents per share, compared with $2.3 billion, or 38 cents per share, in the year-ago period. Sales were $8.2 billion, a 23 percent shortfall from last year. Intel blunted the shock of the big declines by lowering its guidance twice.
From Yahoo! Finance: Genentech 4Q profit rises, but just short of views
Biotechnology company Genentech Inc.'s fourth-quarter profit fell short of Wall Street expectations, despite a 47 percent boost from higher sales of the blockbuster cancer drug Avastin. The company also set a weaker-than-expected profit outlook for 2009.
During the quarter, profit reached $931 million, or 87 cents per share, up from $632 million, or 59 cents per share, a year earlier. Revenue rose 25 percent to $3.71 billion from $2.97 billion.
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