EPS still lower year over year, it is likely a reflection of reduced charges, cost reductions, etc. The product diversity favoring Atom doesn't seem to favor a revenue burst at this time. For 2010, it has its 32 nm ramp, which is also costly (7 billion). We had some potential customers also reporting good earnings, but they are in the cost-reduction mode, which seems to have gotten them good earnings results.
Good analysis! I think Intel will do better than average given its current products, execution and notebook position.
But this is just one big player and slice of the semi market, and other sectors and players may face harder struggles.