Reduced demand and inventory contraction hurt Santa Clara, California-based Intel Corp.’s fourth quarter sales losing as much as ninety per cent of their quarter-to-quarter profit, but meeting the already-adjusted reduced expectations.

Intel posted revenue of $8.2 billion U.S., with net income of $234 million - an equivalent of 4 cents per share.

“The economy and the industry are in the process of resetting to a new baseline from which growth will resume,” said Paul Otellini, President of Intel in a press release. “While the environment is uncertain, our fundamental business strategies are more focused than ever. Intel will continue to extend its manufacturing leadership, drive product innovation, develop new markets and implement operating efficiencies that have already taken more than $3 billion out of our ongoing cost structure since 2006. Intel has weathered difficult times in the past, and we know what needs to be done to drive our success moving forward. Our new technologies and new products will help us ignite market growth and thrive when the economy recovers.”

Shares rose slightly in Thursday’s trades, closing at just under $14 per share.

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