Wednesday, October 14, 2009

Intel upbeat on future earnings

US chipmaker Intel has announced a better-than-expected profit for the third quarter and set out an upbeat forecast for the next three months. Net income came in at $1.9bn (£1.2bn), down from the $2bn it made a year ago. Revenue also fell 8% to $9.4bn, but was ahead of analyst forecasts of $9.1bn.

Last month, Intel's boss said the PC industry was coming out of recession. The firm expects revenue in the current quarter to reach $10.1bn on recovering demand for personal computers.

"Intel's strong third-quarter results underscore that computing is essential to people's lives, proving the importance of technology innovation in leading an economic recovery," said Paul Otellini, Intel president and chief executive.

"This momentum in the current economic climate, plus our product leadership, gives us confidence about our business prospects going forward."

Intel's results came out after the bell in the US. Shares in the company had closed up 0.44% at $20.49 on the Nasdaq, ahead of the results.

No comments: