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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: BWAC who wrote (10099)	6/3/2004 5:15:31 PM
From: Proud_Infidel	Respond to of 25522

Intel narrows Q2 sales guidance at upper range By Mark LaPedus Silicon Strategies 06/03/2004, 4:35 PM ET SANTA CLARA, Calif.--Intel Corp. expects revenue for the second quarter to be at the high-end of its previous guidance. The chip giant expects its sales will be between $8.0-to-$8.2 billion, as compared to the previous range of $7.6-to-$8.2 billion. One analyst expected the range to be $7.9-to-$8.1 billion, following strong demand for flash-memory products and notebook PCs (see June 1 story). Demand for Intel's microprocessor lines "is consistent with the company's expectations at the beginning of the quarter and significantly higher than in the same period last year," according to the company. "Communications revenue is trending above the company's previous expectations primarily due to increased demand for the company's flash memory products." The gross margin percentage is expected to be between 60 percent and 61 percent, as compared to the previous expectation of 60 percent, plus or minus a couple of points. The company closed a state income tax audit relating to prior years' returns, and as a result will reduce its income tax expense by approximately $60 million during the quarter, which will slightly reduce the previous full year tax rate expectation of approximately 32 percent. Intel disclosed its forecast for the second quarter, when it reported first-quarter of 2004 revenue of $8.1 billion, down 7 percent sequentially and up 20 percent year-over-year. First quarter net income was $1.7 billion, down 20 percent sequentially and up 89 percent year-over-year. Earnings per share were 26 cents, down 21 percent sequentially and up 86 percent from 14 cents in the first quarter of 2003. In 2003, Intel posted second-quarter revenue of $6.8 billion. Second-quarter net income was $896 million. Earnings per share were $0.14.