Intel Gets 25% Net Income Boost
Intel reported that first-quarter net income was $2.2 billion, up 25% year-over-year and up 1% sequentially.
First-quarter revenue of $9.4 billion, up 17 percent year-over-year and down 2 percent sequentially.
“Led by strong demand for our mobile products, Intel posted double-digit revenue and profit growth versus a year ago,” said Intel CEO Craig Barrett. “Today marks the 40th anniversary of Moore’s Law, which remains the driving force behind our ability to continually innovate and bring exciting new products to our customers around the world. In the coming quarters we expect to carry on the pace set over past decades by ramping our industry-leading 65nm process technology and launching additional dual-core microprocessors for our desktop, notebook and server platforms.”
Earnings per share were 34 cents, up 31 percent from 26 cents in the first quarter of 2004 and up 3 percent from 33 cents in the fourth quarter of 2004. Intel’s first quarter included an additional week of business because 2005 is a 53-week fiscal year for the company. Last year’s first-quarter results included a legal settlement charge that reduced earnings per share by 1.7 cents.
During the quarter, Intel announced a broad reorganization bringing all major product groups in line with the company’s strategy to develop and deliver complete technology platforms based on Intel ingredients. Intel’s goal is to change its operating segment presentation to reflect the company’s new organizational structure beginning with its Form 10-Q for the first quarter of 2005. The Digital Enterprise Group and Mobility Group will be reportable segments under the new structure, while the Digital Home Group, Digital Health Group and Channel Platforms Group are expected to be included in the “all other” category.
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