Intel reports first $11bn-plus quarter
Exuberant but not 'irrationally exuberant'
Less than two months after Intel lowered Wall Street expectations for its third-quarter, it released said financial info — and the news ain't too shabby: Chipzilla exceeded $11bn in revenues for the first time in its history.
"Intel's third-quarter results set all-time records for revenue and operating income," Intel president and chief executive Paul Otellini said in a prepared statement citing "solid demand from corporate customers, sales of our leadership products and continued growth in emerging markets."
Revenues during the quarter were $11.1bn, up 18 per cent year-on-year. Net income came in at $3bn — up 59 per cent year-on-year — from an operating income of $4.1bn, which was up 60 per cent.
Revenue for both the company's PC Client and Data Center groups was up three per cent quarter-on quarter. The client group had record mobile processor revenue and the server group had record server processor revenue.
In late August, Intel caused a tangible ripple in the moneymen markets when it announced that it was lowering its target for third-quarter revenues from the $11.2bn to $12bn range, moving it down to the $10.8bn and $11.2bn range. At $11.1bn, the company proved to be correct in its estimate.
For the company's fourth quarter, now underway, Intel expects revenues in the $11bn to $11.8bn range. Again, none too shabby — but still below its "irrational exuberance" of earlier in the year, when Chipzilla was talking about a possible $12bn quarter. ®