Intel Corp.’s earnings fell last quarter as the company ramped up spending on new facilities and products, part of Chief Executive Officer Pat Gelsinger’s efforts to revive the semiconductor giant’s fortunes.
The chip company posted $20.5 billion in fourth-quarter sales, up 3% from the year-earlier period. The company generated net income of $4.6 billion, down 21% year-over-year. Wall Street expected sales of $19.2 billion and net income of $3.2 billion.