Intel raises its first-quarter profits to record highs
Thursday 15 April 2010
Intel Corporation, the US maker of computer chips, surprised the market as it almost quadrupled profits to record its best ever first- quarter financial performance.
The company said the better-than-expected results were bolstered by demand for "high-end devices". Its shares rose by 3.2 per cent to $23.50 in early trading in New York.
Paul Otellini, the president and chief executive officer, said the demand for Intel's technology and the company's execution had sent net profits up from $629m in the three months to 28 March 2009 to $2.4bn a year later. Revenues were up by 50 per cent at $10.3bn, beating analysts' predictions of $9.8bn.
"Looking forward, we're optimistic about our business as Intel products are designed into a variety of new and exciting segments," Mr Otellini added.
The company believes the strength will continue into the second quarter and predicts that revenues will come in at about $10.2bn.
Intel is the first major US technology company to report this year and is seen as a bellwether for the industry. The strength of its first-quarter results eased investors' concerns about the state of the semiconductor market. Analysts at Wells Fargo said its numbers were "particularly impressive" and showed evidence of strong demand in the computer market and excellent profitability for Intel.
Glen Yeung, an analyst at Citigroup, said demand trends were "indicative of an improving economy" and the results showed the first indications of corporate client demand.
- 1 Crystal meth addict 'gouged out his eyes and ate them' while high on drug, Australian MP claims
- 2 Saudi Arabia 'seeking to head United Nations Human Rights Council'
- 3 Group of students refused entry to Leicester nightclub 'because they are black'
- 4 Irish people are travelling home from all over the world so they can vote to legalise gay marriage
- 5 Arsenal fan asks the Queen for tickets to the FA Cup final - gets a reply from Buckingham Palace
Ireland's same-sex marriage vote: Dublin in party mood ahead of historic poll result
Saudi Arabia 'seeking to head United Nations Human Rights Council'
The ten most unequal developed countries in the world
Toddler throws a tantrum at the White House – in front of Barack Obama
Irish people are travelling home from all over the world so they can vote to legalise gay marriage
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...