NEW YORK - 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 per cent in the first quarter compared with the same quarter a year ago to US$2.4 billion (S$3.4 billion).
Revenue rose by 44 per cent to US$10.3 billion in the quarter that ended on March 27, better than the US$9.8 billion 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 US$9.8 billion to US$10.6 billion for the current quarter. Analysts had forecast US$9.69 billion. As the world's top chipmaker Intel's fortunes are closely linked to those of the computer market and overall technology spending.
Muz be laughing to the bank, bosses and staff getting big bonuses and pay
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