Tech stocks: Intel slides after earnings report

Shares of Intel plunged 4% in pre-market trading Friday after reporting mixed earnings following the close of markets the day before.

The company posted 6% gains in net income for the fourth quarter, raking in $2.63 billion, or 51 cents per share. Analysts had forecast Intel would report 52 cents per share.

Intel also reported $13.83 billion in revenue for the quarter, above Wall Street expectations.

But as Reuters reports, the chip maker's mixed first quarter forecast has sent shares sliding.

Intel is among several PC companies shifting more attention to mobile gadgets such as smartphones, tablets and wearable devices. At last week's Consumer Electronics Show, Intel announced it would launch several wearable gadgets including a smart watch.

Contributing: Associated Press

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