Here's a "positive" spin on Intel's Q2 earnings !!!
newsalert.com
July 17, 2001 17:31
****Intel Misses Analysts' Estimates
SANTA CLARA, CALIFORNIA, U.S.A., 2001 JUL 17 (NB) -- By Michael Bartlett, Newsbytes. Chip manufacturer Intel [NASDAQ:INTC] today blamed acquisition-related costs for its shortfall for the second quarter, after it reported earnings of 3 cents per share for the second quarter instead of analysts' estimates of 10 cents per share.
Intel's revenue numbers were down sharply from a year ago. The company brought in $6.3 billion during the second quarter of 2001, down 24 percent from the same period in 2000. Quarterly revenue was 5 percent lower in the second quarter compared to the first quarter this year, Intel said.
The company also reported a drop in net income during the quarter. Intel said its net income, excluding acquisition-related costs, was $854 million, down 76 percent from the second quarter a year ago and down 25 percent from the previous quarter.
The company said its quarterly earnings per share would have been 12 cents if not for what it termed "acquisition-related costs." Intel said these costs included one-time write-offs of "purchased in-process research and development" and "goodwill."
The company said it took $123 million in one-time charges for purchased in-process research and development and $594 million for amortization of goodwill and other acquisition-related intangibles and costs.
Including acquisition-related costs, net income was $196 million, down 94 percent from last year and 60 percent from the first quarter of 2001.
Intel said second quarter results in 2000 included a gain on investments of $2.1 billion, primarily from the sale of assets. In this year's second quarter, the company claimed just $3 million in investment gains.
The company reported earnings per share of 45 cents in last year's second quarter.
Intel today said in a press release it expects computer users to upgrade from the company's Pentium III processor to the more powerful Pentium 4 processor as they adopt Microsoft's [NASDAQ:MSFT] Windows XP operating system.
The company said it expects third quarter revenues to be between $6.2 million and $6.8 billion.
The quarterly earnings report was released after the close of the U.S. financial markets. Intel's stock price closed today up 77 cents, or 2.6 percent, at $29.90.
Intel is at intel.com .
Reported by Newsbytes.com, newsbytes.com .
16:24 CST Reposted 17:17 CST
(20010717/Press Contact: Doug Lusk, Intel, 408-765-1679 /WIRES ONLINE, BUSINESS, PC/INTEL/PHOTO)
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as of
07/18/01 02:02 AM EDT |
