INTEL BEAT analysts forecasts with record first-quarter revenues of $9.1 billion (
6.07 billion), a 9 per cent increase on last year's corresponding period. That translated into a pre-tax profit of $2.1 billion for the three months to March 29th last, up from $1.8 billion a year ago.
Chief executive Paul Otellini said the results showed "a strengthening core business and a solid global market environment" for the world's largest manufacturer of semi-conductors.
While some analysts predicted a chip-industry slowdown, Mr Otellini said that there were no signs of economic weakness hurting sales in either the US or Europe. The company expects revenue of $9 billion to $9.6 billion for the second quarter, compared with an average analyst estimate of $9.25 billion according to a Bloomberg survey
It was good news for the technology sector in advance of results from other heavyweights including Google, IBM, Ebay, EMC and Xerox this week. The Intel forecast "should alleviate quite a bit of fear about the prospects for technology," said JoAnne Feeney, an analyst with FTN Midwest Securities.
Intel stock was up over 5 per cent in lunchtime trading on the tech-heavy Nasdaq yesterday, its largest hike in over five years. Up to yesterday, the shares had lost 22 per cent of their value this year.
Intel employs 5,000 staff in Leixlip, Co Kildare both directly and through third parties.
Employment numbers fell by about 10 per cent last year both through a round of voluntary redundancies and natural attrition. Intel defied predictions by posting 17 per cent growth in the Americas last quarter.
The results contrasted with those of rival AMD which reported lower-than-expected first-quarter sales last week.
