Intel Breaks Revenue Records for Fifth Consecutive Quarter
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Chip giant Intel Wednesday announced its fifth consecutive quarter of record topping revenues and the first quarter where revenues exceeded $13 billion when it posted its results for its second fiscal quarter of 2011.
That was up 22 percent, or $2.3 billion, on a non-GAAP basis, from the same quarter of fiscal 2010.
During the quarter, which ended July 2, Intel showed double-digit growth across all business segments, according to statements by the Santa Clara, Calif-based chip maker.
Non-GAAP net Income for the quarter came in at $3.2 billion, a gain of $290 million or 10 percent from the year ago quarter, while Intel posted earnings per share of $0.59, an increase of $0.08 or 16 percent year-over-year, Intel said.
For comparison, using GAAP methods, revenues in the quarter were $13 billion versus $13.1 billion using non-GAAP methods.
In contrast, however, Intel's non-GAAP revenues for the first quarter were $12.9 billion while net income was $3.3 billion.
In a commentary on the quarter's results, Stacy Smith, Intel's CFO, called out the Sandy Bridge CPUs, as well as the recent purchases of McAfee and the Infineon wireless division, as among the bright spots on the company's balance sheet.
"The second quarter was strong and better than expected, resulting in our first ever quarter with greater than $13 billion in revenue. From a market standpoint, the quarter played out as expected with strength in emerging markets and enterprise, offset by weakness in the mature market consumer segment," Smith said.
"We continue to benefit from the strength of our product line-up as mix within both servers and clients was better than expected. Demand for our latest product, Sandy Bridge, remains strong and is the fastest ramping product in our company's history," Smith added.
For the third quarter, Intel officials said they are projecting non-GAAP revenues in the neighborhood of $14.1 billion -- so the current quarter looks as if it too may yield another record quarter.