Intel Third Quarter Earnings Announced

Published by: Ronnie on 12th Oct 2010 | View all blogs by Ronnie

Intel Third Quarter Earnings Announced

Intel Corp. announced third-quarter earnings on Tuesday, and because the firm reduced expectations several weeks ago, expectations were met in both earnings and profits.

The company announced their net income at $3 billion, or 52 cents per share, up 59 cents from 2009's third quarter. Analysts' expectations had called for earnings of 50 cents per share in a recent Thomson Reuters poll. Sales for the company were reported at $11.1 billion, up 18 percent and just higher than the $11 billion analysts had forecast. Intel's results are commonly viewed as a bellwether for the overall tech sector. The report resulted in a 1 percent jump in Intel's stock in after-hours trading.

Intel had reported in August that its third-quarter performance would be weaker than previously expected because of shrinking demand for personal computers, largely due to cuts in education spending. A spokesman for the company said that sales were driven by strong demand from corporate customers, driven by the company's introduction of new server chips over the last year.

As for the future, Intel is very much involved in the development of the growing tablet market, as the company has partnerships in place that will be launching Meego, Android, and Windows based tablets in the coming months, all of which will utilize Intel chips. Tech analysts say that the rising popularity of tablet computing will add to Intels' performance in the long run, rather than detract from it.

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