Intel Posts Best Quarter Ever
Intel kicked off the tech earnings season Tuesday with a record quarter–the company’s best ever.
Posting second-quarter financials after the closing bell, the company reported net income of $2.9 billion on revenue of $10.8 billion, up $3.3 billion and $2.7 billion, respectively, year-over-year. Earnings per share were 51 cents. That’s quite a change from the seven-cents-a-share loss Intel (INTC) reported in the second quarter of 2009, when its results were undermined by a nasty $1.4 billion fine from the European Commission. It’s also significantly better than the 43 cents a share analysts had been expecting, according to Thomson Reuters.
In a statement, CEO Paul Otellini said that strong demand in the enterprise space drove Intel to “the best quarter in the company’s 42-year history.”
“The PC and server segments are healthy and the demand for leading-edge technology will continue to increase for the foreseeable future,” he added
For the third quarter, Intel says it expects revenue of $11.2 billion to $12 billion, surpassing analysts’ forecasts of $10.92 billion in sales for the period. An enthusiastic outlook and one that suggests the tech rebound will continue in the second half of this year.