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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Intel net profit up nearly four-fold AFP - Wednesday, April 14 Send IM Story Print NEW YORK (AFP) - – Intel, the world's biggest computer chip maker, posted a nearly four-fold rise in quarterly net profit on Tuesday and said it plans to hire more than 1,000 employees this year. The Santa Clara, California-based technology bellwether said first-quarter net profit rose to 2.4 billion dollars from 647 million dollars in the same quarter a year ago. Revenue rose 44 percent to 10.3 billion dollars in the quarter that ended on March 27, better than the 9.8 billion dollars expected by Wall Street analysts and the company's own forecast of 9.3 billion dollars to 10.1 billion dollars. While revenue rose year-on-year it was down three percent in the first quarter compared with the previous quarter. Earnings per share of 43 cents were better than the 38 cents expected by analysts. "The industry has nearly fully recovered," Intel president and chief executive Paul Otellini said in a conference call with analysts. As the world's top chipmaker, Intel's fortunes are closely linked to those of the computer market and overall technology spending. Otellini said that "demand for higher end PC products was particularly strong and helped strengthen margins and profitability" in the quarter. He added that businesses were ready to update their inventory. "The average fleet of notebooks is four years old, the average fleet of desktops is five years old," Otellini said. "It makes business sense to swap these out." In a statement, the Intel CEO lauded the chip giants's "best first quarter ever" and said "looking forward, we're optimistic about our business as Intel products are designed into a variety of new and exciting segments." Intel forecast revenue of 9.8 billion dollars to 10.6 billion dollars for the current quarter. Analysts had forecast 9.69 billion dollars. Intel had cash and short-term investments at the end of March of 10.9 billion dollars and chief financial officer Stacy Smith said the company was looking at "strategic investments." Smith told the CNBC television network that Intel planned to hire between 1,000 and 2,000 people this year. Intel added about 100 employees during the first three months of the year and its current 79,900 employees is about 2,600 less than a year ago. Intel shares gained 3.69 percent to 23.61 dollars in after-hours electronic trading after closing at their highest point in a year on Wall Street on Tuesday. Recommend Send IM Story Print Related Articles Intel net profit up nearly four-fold AFP - Wednesday, April 14 US-TECH Summary Reuters - Wednesday, April 14 Twitter chases first revenue with ad service Reuters - Wednesday, April 14 Venezuelan website lampoons Latin American leaders Reuters - Wednesday, April 14 Twitter unveils ad plan in profit push AFP - Wednesday, April 14 News Search Top Stories Greece bailout 'up to 90 billion euros': report Mexico Catholic Church seeks child sex abuse pardon Michelle Obama arrives in Mexico Russia calls for swift WTO entry Millions of women, infant deaths easily avoidable: study More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended World nuclear summit confronts 'growing' threat Dow closes above 11,000 for first time in 18 months Oil price surge threatens economic recovery: IEA Fresh doubts hit Europe's Greek bailout offer Mickelson wins Masters while Tiger shares fourth More Most Viewed » Two-million-year-old hominid sheds light on evolution Taiwan's male 'Susan Boyle' a web sensation Junkies and junk-food addicts share craving mechanism Toad is a telltale for impending quakes: scientists More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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