Intel reported quarterly earnings that beat analysts' estimates and revenue that met forecasts, but its revenue outlook fell short of expectations on Thursday.
After the fourth-quarter earnings announcement, Intel stock initially ticked higher but later turned negative in extended-hours trading. (Click here to get the latest quotes for the company.)
The chipmaker's net earnings were $2.5 billion, or 48 cents a share, compared with $3.4 billion, or 64 cents a share, in the same quarter last year.
Revenue decreased 3 percent to $13.5 billion from $13.89 billion a year ago as the personal computer industry wrestles with falling sales and a shift toward tablets and smartphones.
Analysts had expected the company to report earnings excluding items of 45 cents a share on $13.53 billion in revenue, according to a consensus estimate from Thomson Reuters.