Intel Profit Falls but Easily Tops Expectations
Intel reported a profit excluding one-time items that was lower than last year but which blew out analysts’ expectations, and the chip maker gave a forecast for current-quarter revenue that also topped analysts’ estimates. Intel reported a profit, excluding one-time items, of 18 cents a share in the second quarter, against 28 cents a share in the same period last year. Sales in the most recent quarter reached $8 billion, compared with revenue of $9.47 billion last year.
“Intel’s second-quarter results reflect improving conditions in the PC market segment with our strongest first- to second-quarter growth since 1988 and a clear expectation for a seasonally stronger second half,” said Paul Otellini, Intel president and CEO. “Intel’s strategy of investing in new technologies and innovative products, combined with ongoing focus on operating efficiencies, continues to yield benefits that are evident in our strengthening financial performance.”
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