Intel Toes the Mark -- Exactly

Updated from 4:49 p.m. EDT

Intel (INTC Quote) did exactly what it said it would do. Nothing more, nothing less.

Intel announced revenue of $6.8 billion in the first quarter of 2002, a 3% sequential fall in a quarter that for the past several years has seen the chipmaker's revenue dip 5% to 10%. Using generally accepted accounting principles, Intel notched 14 cents a share in earnings.

Excluding the effects of acquisition-related costs, the company posted pro forma profits of 15 cents a share, even with Wall Street consensus of flat sequential earnings. Analysts expected $6.78 billion in revenue, according to Multex.com. ...