Intel reported growth in revenue and income for the first quarter of 2011, driven by the addition of new products and strength in the enterprise market.
The company reported net income of US$3.2 billion on a GAAP (generally accepted accounting principles) basis for the quarter ended on April 2, up 29 per cent compared to the same quarter a year ago. The company reported earnings per share of $0.56.
Intel reported revenue of $12.8 billion for the first quarter, growing by 25 per cent compared to year-ago quarter. Analysts polled by Thomson Reuters estimated revenue to be $11.6 billion.
Intel earlier this year completed the acquisitions of security company McAfee and Infineon's wireless division, which contributed around $500 million to the first-quarter revenue, said Stacy Smith, Intel's chief financial officer, in a statement. The company announced new Sandy Bridge processors, and also fixed the Cougar Point chipset design issue associated with new processors without any revenue impact.
The chip maker on had said on January 31 that it expected the chipset design error to reduce revenue by approximately $300 million during the first quarter.
Revenue for the Intel Architecture Group during the quarter was $12.2 billion, which was up 23 per cent year-over-year. Revenue for the PC Client Group, which offers laptop and desktop chips, was $8.6 billion, up 17 per cent year-over-year. Revenue for the Data Center Group, which offers products for servers, storage and workstations, was $2.5 billion, up 32 per cent year-over-year.
The company projects second-quarter revenue to be around $12.8 billion, plus or minus $500 million.