The three headlines about Intel Corp.’s (NASDAQ: INTC) earnings indicated that the numbers were fine, the forecast lackluster and a critical new chip product will be delayed. Much less was said about Intel’s lack of progress in the critical tablet and smartphone markets. Intel cannot say much about that failure without the market worrying about how aged the company is.

Intel made $3 billion last quarter, up 48% from the same period a year ago, on revenue of $13.5 billion, up 5%. Revenue in the current quarter is only expected to be $13.7 billion.

Intel disclosed that its Broadwell chip release will be delayed. As CNET reported: “The chip is the first manufactured at 14 nanometers, or billionths of a meter, which puts Intel at least a year ahead of rivals.” Since the target of the chip — the PC market — is in deep trouble, the delay may not mean much.

Hidden among the risk factors disclosed by Intel was a reference to its Achilles’ heel:

Revenue and the gross margin percentage are affected by the timing of Intel product introductions and the demand for and market acceptance of Intel’s products; actions taken by Intel’s competitors, including product offerings and introductions, marketing programs and pricing pressures and Intel’s response to such actions; and Intel’s ability to respond quickly to technological developments and to incorporate new features into its products.

Those “technology developments” largely have moved beyond Intel’s traditional products. Samsung and Qualcomm Inc. (NASDAQ: QCOM) dominate the tablet chip market. Qualcomm and Apple Inc. (NASDAQ: AAPL) are close to controlling the chip market for smartphones. As has been pointed out often, Intel has little chance to gain more than a modest foothold in the markets.

So, sensibly, Intel skipped a description of what is by far its biggest challenge. In that regard, it joins nearly every other public company that wants to gild its results. But, in the process, it really has not hidden anything.

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