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Intel profit misses consensus by 20.2% in fiscal Q2

Intel Corp. said its normalized net income for the fiscal second quarter ended June 27 was 40 cents per share, compared with the S&P Capital IQ consensus estimate of 50 cents per share.

EPS fell 16.5% year over year from 48 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.96 billion, a decline of 20.0% from $2.44 billion in the year-earlier period.

The normalized profit margin declined to 14.8% from 17.7% in the year-earlier period.

Total revenue declined on an annual basis to $13.20 billion from $13.83 billion, and total operating expenses grew on an annual basis to $10.05 billion from $9.91 billion.

Reported net income came to $2.70 billion, or 55 cents per share, compared with $2.82 billion, or 55 cents per share, in the year-earlier period.