Intel posts record results, make management changes
Intel announces record-breaking 2011, with revenue of $54bn and net income of $12.9bn
Intel has reported record-breaking financial results for 2011. The company posted revenues of $54bn, operating income of $17.5bn, net income of $12.9bn, and earnings per share of $2.39, all of which were records.
For the fourth quarter, Intel reported revenue of $13.9bn and net income of $3.4bn. The results beat its earlier revised estimates, which had been lowered over uncertainty as to the impact of the floods in Thailand on the wider PC markets.
"2011 was an exceptional year for Intel," said Paul Otellini, Intel president and CEO. "With outstanding execution the company performed superbly, growing revenue by more than $10 billion and eclipsing all annual revenue and earnings records. With a tremendous product and technology pipeline for 2012, we're excited about the global growth opportunities presented by Ultrabook systems, the data centre, security and the introduction of Intel-powered smartphones and tablets."
R&D spending for 2011 was approximately $10.1 billion.
The company also announced a number of management changes. Andy Bryant moves from vice chairman of the board to full-time executive chairman. Brian Krzanich has been promoted to chief operating officer, reporting to Paul Otellini, taking on responsibility for internal IT and human resources, functions that previously reported into Bryant.
Dadi Perlmutter is being promoted to chief product officer. Perlmutter will continue to lead the Intel Architecture Group and continue reporting to Otellini.
Kirk Skaugen, Intel vice president and head of Intel's data centre business, will become the new head of the PC Client Group (PCCG), while Diane Bryant, Intel vice president and CIO, will lead the data centre business and succeed Skaugen as general manager of that group. Kim Stevenson, vice president of IT Global Operations and Services, will succeed Diane Bryant as CIO and report to Krzanich.