Intel profit up, misses expectations

SAN FRANCISCO -- Intel Corp.'s profit leaped 51 percent as sales of microprocessors accelerated in the fourth quarter. The results, released after the market closed Tuesday, narrowly missed Wall Street's expectations. Shares dropped more than 14 percent, falling $3.24 to $19.45 in after-hours trading. Intel posted $2.3 billion, or 38 cents per share, in profit for the three months ended Dec. 29. That compares with net income of $1.5 billion, or 26 cents per share, during the same period a year ago. Analysts polled by Thomson Financial expected 40 cents per share.