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Business

Intel hails 'best first quarter ever' as net profit jumps 288%

Text by News Wires

Latest update : 2010-04-13

Intel chief executive Paul Otellini hailed the company's "best first quarter ever" Tuesday as the world's largest maker of computer chips reported a 288 percent rise in first-quarter net profit to 2.4 billion dollars.

AFP - Intel, the world's biggest computer chip maker, posted a nearly four-fold rise in quarterly net profit on Tuesday.

The Santa Clara, California-based technology bellwether said net profit rose by 288 percent in the first quarter compared with the same quarter a year ago to 2.4 billion dollars.

Revenue rose by 44 percent to 10.3 billion dollars in the quarter that ended on March 27, better than the 9.8 billion dollars forecast by Wall Street analysts.

Earnings per share of 43 cents were better than the 38 cents expected by analysts.

While revenue rose year-on-year it was down three percent in the first quarter compared with the previous quarter.

Intel chief executive Paul Otellini lauded the company's "best first quarter ever" and said "looking forward, we're optimistic about our business as Intel products are designed into a variety of new and exciting segments."

"The investments we're making in leading edge technology are delivering the most compelling product line-up in our history," he said.

Intel forecast revenue of 9.8 billion dollars to 10.6 billion dollars for the current quarter. Analysts had forecast 9.69 billion dollars.

Intel shares gained 2.68 percent to 23.38 dollars in after-hours electronic trading after closing at their highest point in a year.

As the world's top chipmaker Intel's fortunes are closely linked to those of the computer market and overall technology spending.

 

Date created : 2010-04-14

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