Intel has reported its best quarterly results ever, after launching a complete refresh of nearly all its main product lines since January.
The chip maker's profit after tax rose by mere 288 per cent to $2.4 billion, or 43 cents a share, in the three months to March, compared with the same period last year. Revenue was up by 44 per cent to $10.3 billion and its gross margin rose from 45 per cent to 63 per cent.
The results beat analysts’ expectations and sent Intel shares 3.7 per cent higher to $23.60 in after-hours trading.
Demand for PCs is growing worldwide. Intel President and chief executive, Paul Otellini, said new market segments the fim has been developing were also showing a good return. “The investments we’re making in leading-edge technology are delivering the most compelling product line-up in our history,” he said.
Stacy Smith, the chief financial officer, forecast a gross margin of 64 per cent in the current quarter, with revenue of $10.2 billion.
The results exclude the $1.25 billion settlement Intel made with AMD last November, to end long-running antitrust and patent disputes - a move that looks cheap at half the price.