Wednesday, July 20, 2011

Intel Corporation (NASDAQ: INTC): Q2 2011 Earnings Roundup

Intel Corporation (NASDAQ: INTC) reported Wednesday that its second quarter net income rose to $3.2 billion, or 59 cents per share, from $2.89 billion, or 51 cents a share, in the year-earlier quarter.Revenue rose to $13.1 billion from $10.76 billion. Analysts, on average, expected the company to report earnings of 51 cents per share on revenue of $12.82 billion.

"We achieved a significant new milestone in the second quarter, surpassing $13.0 billion in revenue for the first time," said Paul Otellini, Intel president and CEO. "Strong corporate demand for our most advanced technology, the surge of mobile devices and Internet traffic fueling data center growth, and the rapid rise of computing in emerging markets drove record results. Intel's 23 percent revenue growth in the first half and our increasing confidence in the second half of 2011 position us to grow annual revenue in the mid-20 percent range."

Looking ahead, the company said that it expects third quarter revenue of $14.0 billion, plus or minus $500 million and gross margin percentage of 64 percent, plus or minus a couple percentage points. 

Intel also lifted its outlook for 2011 capital spending to $16 billion to $16.4 billion, from a prior range of $15.5 billion to $15.9 billion.

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