Intel Corporation (NASDAQ:INTC) will report second-quarter earnings on Wednesday, just over two months after the Santa Clara-based semiconductor giant named Brian Krzanich as its new CEO.

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Analysts polled by Yahoo! Finance and Thompson Reuters are estimating earnings to come in at $0.39 a share on revenue of $12.9 billion, compared to $0.40 a share on revenue of $12.7 billion from the previous quarter.

A year ago, Intel Corporation (NASDAQ:INTC) reported earnings per share of $0.54 on revenue of $13.5 billion.

Intel PC sales are off a lot

Don’t expect a whole lot of growth from Intel Corporation (NASDAQ:INTC) for the first half of the year, said Rob Enderle, principal analyst of San Jose-based Enderle Group. “PC sales are off a lot, so we’re expecting softness in that market,” he explained. Global PC sales have fallen 11 percent and 14 percent for the past two quarters, respectively. A relatively stable global server market and the company’s pre-holiday sales ramp up are probably not enough to firm up Intel’s performance for the past quarter, Enderle said.

1H 13 may not paint an adequate picture of how Intel is doing overall

But despite the gloomy current cycle, the first half of the year may not paint an adequate picture of how Intel Corporation (NASDAQ:INTC) is doing overall, said Sergis Mushell, a Gartner analyst who covers Intel. Mushell said investors will be focused on the products Intel has in the pipeline, particularly geared at the mobile sector, a market many argue Intel has ignored.

“Intel is always late to the party,” said Mushell. “But when they show up, they’re the best dressed.”  Mushell argued that the majority of data centers are based on Intel Corporation (NASDAQ:INTC)’s architecture, which support the data plans of the millions of smartphones and tablets being produced. “It’s very relevant when you see a company like Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930), which has been working with ARM Holdings plc (ADR) (NASDAQ:ARMH) for processors, to deliver Intel-based tablets,” Mushell said.

Intel has been profitable for the last eight quarters

While the company has been profitable for the last eight quarters, income has fallen year-over-year by an average of 18 percent over the past four quarters. The company weathered a blow in the most recent quarter when net income dropped 28 percent, marking the hardest-hit quarter.  Over the last four quarters, revenue has fallen an average of 3 percent year-over-year. The biggest drop came in the most recent quarter, when revenue fell 7 percent from the year-earlier quarter.