Intel’s profit drops 55 percent in first quarter

April 15, 2009 10:33 am 

SAN FRANCISCO, April 15 — World's largest chipmaker Intel said on Tuesday its profit fell 55 percent in the first quarter this year, but at the same time sounded upbeat about the health of the technology industry.

The company's latest quarterly net income was 647 million U.S. dollars or 11 cents per share, significantly down from 1.44 billion dollars or 25 cents per share a year earlier.

However, the figures beat expectations. Analysts had projected a profit of only 2 or 3 cents per share.

Intel also posted first-quarter revenue of 7.1 billion dollars, a decline of 26 percent from the same time a year ago, but still in line with estimates.

"We believe PC sales bottomed out during the first quarter and that the industry is returning to normal seasonal patterns," Paul Otellini, Intel's chief executive officer, said in a statement.

"Intel has adapted well to the current economic environment and we're benefiting from disciplined execution and agility. We're delivering a product portfolio that meets the needs of the changing market, spanning affordable computing to high-performance, energy-efficient computing," he added. (PNA/Xinhua) ALM/ebp

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