From Wire Reports

NEW YORK, N.Y. – Intel (NASDAQ: INTC), the world’s largest chipmaker, says its profit fell 13 percent in the latest quarter as operating expenses rose while sales were flat. The results beat analyst expectations.

First-quarter net income was $2.74 billion, or 53 cents per share, down from $3.16 billion, or 56 cents per share, a year earlier.

Analysts polled by FactSet were expecting earnings of 50 cents per share.

Revenue was flat at $12.9 billion. Analysts were expecting $12.8 billion.

That compares to 56 cents a share in earnings on revenue of $12.85 billion in the same quarter last year.

But, the chip maker is forecasting its revenue will increase by as much as 9 percent this year, following 24 percent growth in 2011. The Santa Clara, Calif., company says it expects $13.1 billion to $14.1 billion in second-quarter revenue, with a midpoint of $13.6 billion, above the analyst forecast of $13.4 billion.

Shares remained up slightly for the day in after-hours trading.