Intel results beat expectations

Chip maker Intel has posted quarterly results that beat expectations - but failed to provide an earnings forecast, citing economic uncertainty.

While the firm's net profit of $647m (£433m) in the three months to 28 March exceeded forecasts, it marked an 11% fall year-on-year.

The lack of a forecast for the next quarter sent Intel shares down 4.5%.

The firm, which plays a dominant role in its sector, is seen to reflect the state of the industry as a whole.

Wall Street had predicted a profit of 3 cents a share, far below the the 25 cents a share achieved.

"The numbers are good - there's nothing wrong with the results they posted. The guidance is where people are finding disappointment," said Doug Freedman, an analyst with Broadpoint.

But he added: "They're continuing to highlight a rather large degree of uncertainty, both in terms of revenue and gross [profit] margins."