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Intel, the global chip giant, on Tuesday reported better than expected third quarter results with revenue of $9.4 billion; operating income of $2.6 billion, net income of $1.9 billion - - down 8% on the same period in 2008 - - and earnings per share (EPS) of 33 cents.
Revenue was up 17% from the second quarter, and profit - - excluding a €1.06 billion antitrust fine levied by the European Union - - was up 77% over the same period.
"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 CEO."This momentum in the current economic climate, plus our product leadership, gives us confidence about our business prospects going forward. As we look ahead, Intel's game-changing 32nm process technology will usher in another wave of innovation from new, powerful Intel Xeon server platforms to high-performance Intel Core processors to low-power Intel Atom processors."
Otellini told analysts that the company was seeing unit sales of chips for conventional notebook PCs growing at a faster rate than sales of its Atom chip for popular low-end portable computers called netbooks easing fears that higher margin business would be cannibalised.
Gross margin was 57.6% and the effective tax rate was 27% versus the company's expectation of 23%.
Intel is Ireland's biggest industrial employer and in 2008, 61% of revenues came from Asia-Pacific and Japan.
