Intel posts record first quarter results
Growth in mobile processors drives Intel's Q1 income up by over 400%
Intel has reported its highest ever first quarter revenue, with income growth of over 400% citing the mobility sector as the source of strong growth.
The company posted revenue of $10.3 billion, up over 400% from Q1 09, with operating income of $3.4 billion and net income of $2.4 billion, up from $629 million in the same quarter last year.
The growth was driven by record mobile microprocessor revenue, although PC Client Group revenue was flat, with Data Center Group revenue down 8% and other Intel Architecture group revenue down 9%.
"The investments we're making in leading edge technology are delivering the most compelling product line-up in our history," said Paul Otellini, Intel president and CEO. "These leadership products combined with growing worldwide demand and continued outstanding execution resulted in Intel's best first quarter ever. Looking forward, we're optimistic about our business as Intel products are designed into a variety of new and exciting segments."
Average selling price (ASP) for microprocessors was slightly up, although it was flat if Intel Atom microprocessors were excluded. Intel Atom microprocessor and chipset revenue of $355 million was down 19%.
R&D plus MG&A spending of $3.1 billion was higher than the company's prior expectation.