Intel first-quarter profit tops Wall St estimates
<<SANTA CLARA, Calif., April 18 (Reuters) - Intel Corp. (NasdaqNM:INTC - news), the world's largest semiconductor company, said first-quarter net income rose 37 percent, including acquisition-related charges, and its per share results topped Wall Street expectations amid stronger-than-expected demand.
The Santa Clara, Calif.-based chip maker reported net income of $2.7 billion, or 78 cents a share, including acquisition related charges, from $2 billion, or 57 cents a share, a year earlier.
Excluding acquisition-related costs, Intel reported net income of $3.1 billion, or 88 cents a share, which included 17 cents a share from tax benefits. That put Intel's earnings 2 cents ahead of Wall Street expectations of 69 cents a share, according to First Call/Thomson Financial.
Revenues rose to $8.0 billion from $7.1 billion in the first quarter of 1999, with PC sales stronger than expected this year in the traditionally sluggish period that follows the Christmas shopping season. Revenues in the latest quarter were down 2 percent from the fourth quarter, as the company had warned in January.
Intel also said it expected second quarter revenues to come in about even with the first quarter and that product supply would continue to be tight in the current second quarter.>> |
