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Intel profit report bodes ill for PC market

Intel has released its fourth-quarter earnings report and the results are disappointing. The company's $867 million profit falls short of analysts' expectations, and some see it as a signal that PC demand will soon slow.

Intel released its fourth-quarter earnings yesterday giving rise to a classic "good news, bad news" situation. The good news is that the company has doubled its profits over the same quarter last year, weighing in at $867 million. The bad news is, it's not enough to make high-tech investors rest easy.

The $867 million figure fell short of analysts' predictions, and some say it may signal an oncoming decrease in the demand for PCs.

Intel officials attribute the disappointing results to the company's purchase of too many memory chips, which resulted in $70 million in write-downs.

The company also said it did not expect the current quarter to show any growth, another alarm bell for investors.