Chip giant Intel earnings meet expectations

April 16th, 2008 - 8:11 am ICT by admin  

San Francisco, April 16 (DPA) Intel reported income and earnings in line with Wall Street expectations Tuesday, calming investor jitters about how the global slowdown would affect the world’s biggest semiconductor maker. The company reported first-quarter net income of $1.4 billion, down 12 percent from the year-ago quarter. Revenue was up nine percent to $9.7 billion.

Operating income, before the costs of restructuring and asset impairment charges, was $2.1 billion, or 23 percent above the same quarter last year.

In a statement, Intel chief executive Paul Otellini said that he was was upbeat about the company’s prospects and the future prospects for the economy.

“We remain optimistic about our growth opportunities,” he said, adding that the quarterly results showed “a solid global market environment”.

Last week, Intel’s main rival, Advanced Micro Devices, announced that it would lay off 10 percent of its workforce, citing deteriorating business conditions.

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