Chip maker Intel has announced its third quarter financial results reporting a strong 17% increase in net income compared to previous year.
The company reported that it generated $14.2 billion in revenue during the third quarter of 2011, which represented an increase of 28% on a year on year basis. Intel also reported a record operating income of $4.8 billion, a rise of 16% from the third quarter last year while then net income increased 17% year on year to $3.5 billion.
"Intel delivered record-setting results again in Q3, surpassing $14 billion in revenue for the first time, driven largely by double-digit unit growth in notebook PCs," said Paul Otellini, Intel president and CEO states Intel in its Investors News page (opens in new tab).
"We also saw continued strength in the data centre fuelled by the on-going growth of mobile and cloud computing." he added.
The company also revealed that it had generated $6.3 billion in cash out of operations and paid $1.1 billion in dividends. Intel also spent $4 billion in buying back 186 million ordinary shares of the company. This is Intel's sixth strong quarter in a row and the company seems to be little affected by the growing economic uncertainty that has enveloped Europe and United States.