Intel is facing serious problems over a long period of time and could be facing a profit crisis soon, according to a leading bean counter.
A statement from Indigo Equity Research claims that Intel's problems have been extremely long term and do not appear to be getting any better.
In a report with the catchy title "Intel - An Impending Profit Crisis" the analyst firm noticed that revenue growth for the chipmaker has been in a downward trend in all products and regions, since 2009.
The report's authors claim that Intel's fundamental problem is its heavy dependence on PCs, which is now a shrinking market.
They insist that industry growth is increasingly driven by mobile devices and Intel is lagging behind.
Indigo said that Intel's 3D and 22nm chips may not be enough to reverse ARM's lead.
Looking in detail at the company's weak 2012 Q4 results and reduced guidance, Indigo said that the key problems were weak PC sales, inventory de-stocking in the supply chain.
The outfit is watching as its margins slowly collapse while at the same time it has to fork out for huge boosts in research and development and capital expenditure to keep ahead.