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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: nsumir81 who wrote (51878)	4/16/2002 5:04:16 PM
From: Ibexx	Respond to of 99280

Intel Reports Sharp 1Q Increase By MATTHEW FORDAHL AP Technology Writer Computer Chip Maker Intel Reports Sharp Increase in First Quarter Earnings SAN JOSE, Calif. (AP) -- Intel Corp.'s reported a sharp increase in first quarter earnings, largely due to adoption of new accounting rules regarding acquisitions. The chip-making giant's core results were in line with analysts' expectations, indicating the company has begun to recover from the high-tech downturn. For the three months ended March 30, Intel earned $936 million, or 14 cents a share, compared with profits of $485 million, or 7 cents per share, in the same period last year. Excluding one-time items, the chip maker earned $1 billion, or 15 cents a share, compared with $1.1 billion, or 16 cents a share, in the first quarter of last year. First-quarter sales were $6.8 billion -- a 2 percent increase over last year's first-quarter revenues of $6.7 billion. Analysts were expecting profits of 15 cents per share on revenues of $6.79 billion, according to a survey by Thomson Financial/First Call. Shares of Intel rose $1.40 to $29.51 in Tuesday trading on the Nasdaq Stock Market. After the earnings report was released, they surged $1.44 in the extended session. Many analysts believe the company hit bottom last quarter, though company officials said at the time they have yet to see signs of a broad economic recovery. Like other semiconductor companies, Intel was hit hard by tech downturn that popped the Internet bubble, crashed the telecom industry and led to a decline in personal computer sales. Intel did not resort to massive layoffs and continued to pump billions of dollars into research and development. On April 2, the company unveiled a 2.4 gigahertz Pentium 4, its fastest yet. Intel hopes to reap returns on new technologies that not only boost performance of its chips but also make the process more efficient and profitable. "Intel's aggressive R&D and manufacturing investments paid off in the first quarter, helping our product mix and profitability in a generally soft environment," said Craig R. Barrett, Intel's chief executive. Ibexx