Intel profit falls 8 pct but chip maker offers better-than-expected guidance

Intel profit falls 8 pct on low chip prices

SAN FRANCISCO — Intel Corp. says its third-quarter profit dropped 8 percent as prices for its chips fell.

Sales fell 8 percent to $9.4 billion, but both numbers were better than Wall Street projected and Intel offered better-than-expected sales guidance for the fourth quarter.

Net income was $1.9 billion, or 33 cents per share, versus $2.0 billion, or 35 cents a share, in the year-ago period.

Analysts polled by Thomson Reuters expected 28 cents per share in profit and $9.0 billion in revenue.

The company forecast sales of $10.1 billion, plus or minus $400 million, in the fourth quarter. Analysts expected $9.5 billion.