The PC business enjoyed a bit of a revival last year as companies replaced older systems running Windows XP. Those upgrades are mostly done now, and the slower market has hit Intel’s financial results.

The chip maker reported first-quarter revenue of $12.8 billion on Tuesday, flat from the same quarter last year and a bit lower than financial analysts had been expecting, according to a poll by Thomson Reuters.

Intel blamed lower than expected sales of business PCs but said the decline was offset by strong sales of servers and other data center products. The company had already cut its forecast for the quarter last month.

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