Friday, April 23, 2010

Intel Profits Up this Quarter

Intel Profits Up this Quarter

In this day and time, we're so used to seeing companies talk about how much money they aren't making and employees they aren't hiring, but for Intel, that doesn't appear to be the case. The world's largest computer chip maker announced last week that it has nearly quadrupled its quarterly net profit and has intentions to hire between 1,000 and 2,000 new employees in 2,010.

In a conference call with analysts, Intel Chief Executive Paul Otellini said, "The industry has nearly fully recovered." He also accredits the increase in revenue to a higher demand for PC products and the fact that "the average fleet of notebooks is four years old, the average fleet of desktops is five years old." According to Otellini, "it makes business sense" to get new inventory now.

The comapany's profit for the first quarter (which ended on March 27) was about 2.4 billion dollars, up from this time, last year's 647 million dollars. Revenue rose 44% to 10.3 billion dollars. Wall Street had predicted 9.8 billion dollars, while the company itself had predicted 9.3 billion dollars.

Otellini also said in a statement, "looking forward, we're optimistic about our business as Intel products are designed into a variety of new and exciting segments."

The company has predicted 9.8 to 10.6 billion dollars for the second quarter, while Wall Street analysts have precited 9.69 billion.

Intel has already hired 100 employees this year. The company is based is Santa Monica and employs nearly 80,000 people (about 3,000 less than last year.

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