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Intel reports record first quarter

Double-digit growth across the board

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Intel's first-quarter 2011 revenue set a new company record at $12.8bn, exceeding the Wall Street moneymen's predictions and causing Chipzilla's stock to pop up as high as six per cent in after-hours trading.

"The first-quarter revenue was an all-time record for Intel fueled by double digit annual revenue growth in every major product segment and across all geographies," Intel president and chief executive Paul Otellini in a prepared statement.

Earnings per share (EPS) also set a record at 56 cents. Both revenue and EPS figures as cited are according to GAAP (generally accepted accounting principles); non-GAAP figures were $12.9bn and 59 cents. GAAP net income was $4.2bn; non-GAAP net income was $4.3bn.

On a GAAP basis, revenue was up 12 per cent over the previous quarter and 25 per cent year-on-year. Net income was up three per cent sequentially, but a hefty 34 per cent year-on-year. EPS was up five per cent since the previous quarter, and a whopping 37 per cent over the same period in 2010.

As Otellini said in his statement, each of Intel's reporting groups showed solid gains: year-on-year, the PC Client Group's revenue was up 17 per cent; the Data Center Group, 32 per cent; the "other Intel architecture group" up an impressive 70 per cent; and Atom and chipset revenue up four per cent.

There is one small caveat to these numbers, however: the first quarter of 2011 was one week longer than the same period in 2010, since, as the company "realigned its fiscal year with the calendar year."

Otellini remains bullish on future growth. "These outstanding results," he said, "combined with our guidance for the second quarter, position us to achieve greater than 20 per cent annual revenue growth," for the whole of fiscal year 2011. ®

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