Intel profit tumbles 29% on PC sales slump

Smartphones and tablets aren't killing Intel just yet, but the chipmaking giant is getting very badly bruised.

Amid an ongoing PC sales swoon, Intel on Wednesday reported its fourth straight quarter of sales declines and its third quarter in a row in which profit fell year-over-year. The company also gave a somewhat more pessimistic outlook for the rest of the year than it had previously forecast.

Intel's business has struggled lately as PC sales remain very weak. Worldwide, shipments of PCs fell by 11% last quarter, according to Gartner. Tech consultancy iSuppli found that laptops turned in their worst year-over-year sales performance in 11 years.

Read CNN Article