Strong processor, chip demand spurs Intel earnings
Intel recorded strong earnings in the second quarter of 2008 despite a drop in the average selling price of its chips.
The company's net income was up 25 percent to US$1.6 billion, or $0.28 per share, compared to $1.28 billion, or $0.22 per share, in the same period of last year. Analysts polled by Thomson Financial had forecast net income of $1.49 billion for the second quarter, which ended June 28.
Intel's net revenue was $9.47 billion, a year-over-year increase of 9 percent and beating analyst estimates of $9.32 billion.
Growth in demand for lower-priced notebook PCs resulted in a lower-than-expected average selling price of microprocessors, Intel said. However, demand for chips will continue to remain strong through the year, said Intel CEO Paul Otellini in a statement.
"As we enter the second half, demand remains strong for our microprocessor and chipset products in all segments and all parts of the globe," Otellini said.
IDG News Service
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