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Intel makes $2 billion profit in Q1

But Q2 will be flat, Barrett warns

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Intel turned in $7.1 billion with profits of $2 billion for its first financial quarter. That compares with revenues in Q1 1998 of $6 billion, an 18 per cent rise. But revenues in Q1 1999 fell by seven per cent compared to the last quarter of its 1998 financial year. However, net profit of $2 billion in the quarter rose by 57 per cent, year on year, although there was a small drop in net profits of three per cent compared to Q4 1998. Craig Barrett, Intel's CEO and president, said: "As we expected, revenue declined from the prior quarter reflecting a seasonally slower selling period." Intel said revenues for Q2 of 1999 will flat, because of seasonal factors, while its gross margin will also be flat. However, gross margin in Q1 is a staggering 59 per cent. Expenses will be higher in Q2 because of more spending on R&D and merchandising. Intel will spend $3 billion on R&D in 1999. ®

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