Intel reports record Q1 revenue, shares soar
Intel has dispelled gloomy forecasts for pc sales with the announcement of record Q1 profit. On a GAAP basis, net income was reported at $3.2billion, up 29% year on year from $718million in Q1 2010. Overall revenue was credited as $12.8bn, up 25% from $2.5bn from the same period.
"The first quarter revenue was an all time record for Intel, fuelled by double digit annual revenue growth in every major product segment and across all geographies," said Paul Otellini, Intel president and ceo. "These outstanding results, combined with our guidance for the second quarter, position us to achieve greater than 20% annual revenue growth."
