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SAN FRANCISCO — Intel Corp.'s first-quarter profit blew past Wall Street's grim forecasts Tuesday and the company claimed that personal computer sales "bottomed out" and have started recovering. But that wasn't enough to keep its shares from tumbling.
The optimistic comments were notable because Intel was the first technology company to report earnings for the first three months of 2009. However, Intel let investors down by not giving specific revenue guidance. It's not yet clear whether people are buying significantly more PCs, or whether Intel is mainly benefiting from computer makers replenishing their chip inventories,
which had been whittled to low levels to save cash.
The optimistic comments were notable because Intel was the first technology company to report earnings for the first three months of 2009. However, Intel let investors down by not giving specific revenue guidance. It's not yet clear whether people are buying significantly more PCs, or whether Intel is mainly benefiting from computer makers replenishing their chip inventories,
which had been whittled to low levels to save cash.
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