Intel has reported modest growth in its financial results for the third quarter of 2013 over the previous three months.
But measured against this time last year, the chip giant has barely grown at all.
Revenues grew five per cent on the second quarter of 2013 to $13.5bn, giving it an earnings per share of 58 cents, and an operating income of $3.5bn. The company has paid $1.1bn in dividends to shareholders and spent just over half a billion dollars buying back its own shares. Year on year, revenues were flat.
"The third quarter came in as expected, with modest growth in a tough environment. We're executing on our strategy to offer an increasingly broad and diverse product portfolio that spans key growth segments, operating systems and form factors," said Intel CEO Brian Krzanich in a statement.
"Since August we have introduced more than 40 new products for market segments from the Internet-of-Things to datacenters, with an increasing focus on ultra-mobile devices and 2 in 1 systems."
Chipzilla's core PC division reported revenues of $8.4bn, up 3.5 per cent on the previous quarter (although down 3.5 per cent on the same period a year ago) as the company's Haswell chips have come online, although "inventory levels are still being managed well below historical averages." Data center revenues were up 2 per cent on the second quarter and 12.2 per cent on the year-ago Q3.
The revenue from other Intel architecture operations is up 13.3 per cent on Q2 2013 (although down 9.3 per cent on Q3 2012). Intel spent $4.7bn on research and development and acquisitions over the third quarter.
Overall the company's revenue, margin and earnings per share have all remained flat year-on-year, while operating income is down 9 per cent on this time in 2013. Both margins and net income have fallen by about 1 per cent.
Intel predicts a slightly better fourth quarter, with expected revenues forecast to grow slightly to $13.7bn, which "reflects the caution we are seeing in the order patterns of our customers and their desire to keep inventory levels lean," the company said [PDF]. ®