Intel has reported the highest quarterly results in the company's history, posting a net profit of £1.9 billion for the quarter ending 26 June.
The company smashed Wall Street predictions, announcing better than expected sales and profits. Intel's profit margin was 67 per cent for the second quarter, higher than the 64 per cent predicted by analysts.
Second quarter revenues of $10.8 billion were also higher than Wall Street forecasts of $10.5 billion.
In a statment to the BBC, Edward Snyder of Charter Equity Research said: “In a quarter where people expected relatively strong performance, [Intel] beat that pretty handily and set a good forecast. This going to be really good for a lot of other technology companies, particularly enterprise,”
The Guardian reports that on hearing of Intel's exceptional financial reports, technology stocks in Europe and the US rose significantly, heralding a positive change in the global technology market.
Intel has predicted a further increase in revenue, targeting $11.6 billion for the quarter ending in September.