Intel profits fall 90%

In more bad news for the technology industry, Intel's profits have crashed 90%.

The chip-maker's fourth quarter results have been revealed and are severely down - said to be on the back of weak demand for semiconductors.

Net earnings for the quarter were $234 million (£160.5 million), down from $2.27 billion a year earlier.

With sales falling 23%, Intel has declined from providing a detailed revenue outlook, stating the picture is too uncertain but hopes its first-quarter revenue will be "in the vicinity" of $7 billion.

"The slowing of the worldwide economy resulted in a weak fourth quarter", said Intel's chief financial officer.