Intel beats analysts' forecasts for Q2
Global chip-maker Intel last night reported better-than-expected results for the second quarter to the end of June in what will be seen as a positive signal for the PC industry and the prospects of global recovery.
The company, which is one of the biggest employers in Ireland, reported second-quarter revenue of $8bn (€5.7bn), down 15% from the same period 2008. but well in excess of analysts' forecasts averaging $7.27bn (€5.17bn).
It also signalled that Q3 revenue would hit $8.1bn to $8.9bn (€5.75bn to €6.32bn), compared with analysts' average forecast of $7.82bn (€5.55bn).
The company recorded a net loss of $398m (€282m) for Q2, or seven cents a share, for the second quarter. This was however taking into account payment of a €1bn fine imposed by the European Commission for anti-competitive practices. Excluding the charge, which the company intends to appeal, EPS was 18 cents per share.
"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."
