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Technology Stocks : Intel Corporation (INTC)
INTC 39.96-1.5%11:15 AM EST
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To: Yaacov who wrote (102538)4/18/2000 7:26:00 PM
From: Barry Grossman  Read Replies (2) of 186894
 
Yaacov,

Hi Alex.

I listened to the entire conf call and here is my impression.

They admit that they underestimated demand for the last four quarters and consequently they are supply constrained and will continue to be in 2Q00. But, by 2H00, they expect that their additional capacity will be more than enough to allow them to sell all that the market demands - and they expect 2H00 to be very strong as compared to 1H00 which had 1Q00 rev of 8B and they expect 2Q00 rev of 8B. They said to look to their history for the relationship of the second half to the first so I did. In 1999 we had 15.54B in 2H99 vs 13.85 in 1H99. 15.54/13.85 = 1.122. That would imply 34B for 2000 - a 15.6% increase over 1999.

They also said that they'll be at 90% .18 micron by year end vs. 50% in 2Q00. This implies lower costs on 2H00 sales and consequently higher margins.

They have Willamette, Timna and Itanium introductions to come this year and when asked about Willamette, they said they will not be supply constrained. They also said that they plan "on optimizing the supply of Rambus products and 1Ghz+ chip availability so as to not be out of balance."

All in all, I thought it was a great report. BWDIK.

Regards,

Barry
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