While Intel saw a big drop in revenue from its Atom processors, it still managed to post a net income of 3 and half billion US dollars in the 4th quarter. That's up 11 percent year on year.

In 2012 the company's CFO sees both consumer and enterprise products driving profits.

Smartphones with Intel chips will hit the market this year with the first one being Lenovo's K800 that will go on sale in China in the second quarter. Intel Inside Smartphone won't contribute much to revenue though.

With reporting by Agam Shah, I'm Nick Barber, IDG News Service.