Intel Corp. The giant chipmaker said first- quarter profit fell 38 percent Wednesday as PC sales slowed and it continued to face stiff competition from smaller rival Advanced Micro Devices Inc. Still, the results met Wall Street’s lowered expectations. For the three months ended April 1, Santa Clara, Calif.-based Intel reported net income of $1.35 billion, or 23 cents a share, compared with $2.18 billion, or 35 cents, in the same period last year. Sales fell 5 percent to $8.94 billion from $9.43 billion. Analysts were expecting a profit of 23 cents per share on sales of $8.91 billion, according to a Thomson Financial survey.
Apple Computer Inc. The computer maker said second-quarter profit rose 41 percent, buoyed by rising sales of iPod music players and Macintosh personal computers. Net income rose to $410 million, or 47 cents a share, from $290 million, or 34 cents, a year earlier, Cupertino, Calif.- based Apple said Wednesday in a statement. Sales increased 34 percent to $4.36 billion.
JPMorgan Chase & Co. The No. 3 U.S. bank posted record earnings in the first quarter as fees from investment banking rose to a six-year high and credit-card defaults fell. Net income climbed 36 percent to $3.08 billion, or 86 cents a share, from $2.26 billion, or 63 cents, a year earlier, the New York- based company said in a statement. Revenue increased 12 percent to $15.2 billion.
NYSE Group Inc. The newly formed parent company of the New York Stock Exchange on Wednesday posted a 16.5 percent earnings increase in its first quarterly report as a public company. Profit during the first quarter rose to $30.3 million, or 24 cents per share, versus $26 million, or 22 cents per share, in the year-ago period. Included in the results were a $37.7 million charge related primarily to a one-time compensation award granted to NYSE employees, and a $20.9 million gain on the sale of an equity investment.
Kraft Foods Inc. The nation’s largest food company reported a 41 percent jump in first-quarter earnings Wednesday, thanks largely to a favorable tax audit that boosted its coffers by $405 million. Net income was $1.01 billion, or 61 cents per share, up from $713 million, or 42 cents per share, a year earlier. Excluding asset impairment, restructuring and other items, Kraft said earnings were 45 cents per share. Analysts polled by Thomson Financial had pegged earnings at 42 cents per share. Revenue was $8.12 billion, up 0.8 percent.
