Intel Reports 1Q14 Earnings of $12.8 billion
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Intel reported its first quarter fiscal 2014 earnings late Tuesday, showing strength in the data center and the emerging market for the Internet of Things.
For the quarter, revenue was reported at $12.8 billion for a one percent year-over-year gain. Net Income was reported at $1.9 billion for a five percent year-over-year decline. Looking forward, Intel provided guidance for the second quarter of 2014 for a revenue midpoint of $13 billion.
Intel CEO Brian Krzanich said during his company's earnings call that the Data Center Group had a strong quarter with revenue up by 11 percent. He noted that the cloud, networking and storage businesses were all up in excess of 20 percent. In particular, Intel is seeing strong growth for the technologies that enable the Internet of Things.
"The newly formed Internet of Things Group, which includes our embedded business, grew 32 percent year-over-year, with particularly strong demand in in-vehicle infotainment and retail," Krzanich said