Chip giant Intel earnings meet expectations
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 dollars, down 12 per cent from the year-ago quarter. Revenue was up 9 percent to 9.7 billion dollars.
Operating income, before the costs of restructuring and asset impairment charges, was 2.1 billion dollars, or 23 per cent 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 per cent of its workforce, citing deteriorating business conditions.