Intel posts $15.3B in Q3 revenues, down 20%

Intel reported that its third-quarter revenues and profits matched Wall Street’s diminished expectations, as the chip giant dealt with weakness in the PC market and serious competition.

On a non-GAAP basis, Santa Clara, California-based Intel reported a net income of $2.4 billion, or 59 cents a share, down 59% from a year earlier. Non-GAAP revenue for the quarter was $15.3 billion, down 15% from a year ago. GAAP revenues were down 20%.