Intel Corporation (NASDAQ: INTC) reported late Tuesday that its first quarter net income rose to $3.2 billion, or 56 cents per share, from $2.4 billion, or 43 cents a share, in the year-earlier quarter. On an adjusted basis, the company earned 59 cents per share in the latest quarter. Revenue rose to $12.85 billion from $10.3 billion in the prior year quarter. Analysts, on average, expected the company to report earnings of 46 cents per share on revenue of $11.60 billion.
Gross margin was 62 percent, down 1 percentage point year-over-year
"The first-quarter revenue was an all-time record for Intel fueled by double digit annual revenue growth in every major product segment and across all geographies," said Paul Otellini, Intel president and CEO. "These outstanding results, combined with our guidance for the second quarter, position us to achieve greater than 20 percent annual revenue growth."
Looking ahead, Intel said that it expects second quarter revenue of $12.8 billion, plus or minus $500 million. The company anticipates gross margin percentage of 61 percent, plus or minus a couple percentage points.
Shares of the company jumped more than 6% in after-hours trading on Tuesday.
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