S&P 500 (NYSE:SPY) component Intel Corporation (NASDAQ:INTC) reported net income above Wall Street’s expectations for the first quarter. Intel Corporation develops advanced integrated digital technology products for industries such as computing and communications.
Intel Earnings Cheat Sheet for the First Quarter
Results: Net income for Intel Corporation rose to $3.16 billion (56 cents/share) vs. $2.44 billion (43 cents/share) YoY. A rise of 29.4% from the year earlier quarter.
Revenue: Rose 24.7% to $12.85 billion YoY.
Actual vs. Wall St. Expectations: INTC (NASDAQ:INTC) beat the mean analyst estimate of 46 cents/share. Estimates ranged from 39 cents per share to 50 cents per share.
Quoting Management: “The first-quarter revenue was an all-time record for Intel fueled by double digit annual revenue growth in every major product segment and across all geographies,” said Paul Otellini, Intel president and CEO. “These outstanding results, combined with our guidance for the second quarter, position us to achieve greater than 20 percent annual revenue growth.”
Key Stats: Over the last five quarters, revenue has increased 25.9% on average year over year. The biggest increase came in the first quarter of the last fiscal year, when revenue rose 44.1% from the year earlier quarter.
Competitors to Watch: Advanced Micro Devices, Inc. (NYSE:AMD), Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA), Oracle Corp (NASDAQ:ORCL), Apple (NASDAQ:AAPL), Broadcom (NASDAQ:BRCM), Intel (NASDAQ:INTC), Micron Tech (NASDAQ:MU), ARM Holdings (NASDAQ:ARMH) and Texas Instruments Inc. (NYSE:TXN).
Today’s Performance: Shares of INTC (NASDAQ:INTC) are up 6% in after hours trading.