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April 14, 2010    

Intel sees Q1 profits quadruple

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by Kay Murchie

Chipmaker Intel has reported record results for the first three months of 2010, boosted by demand for new chips for computer servers.

The company, which is based in Santa Clara, California, said profits quarter one profits increased almost fourfold with net income totalling $2.4 billion (£1.5 billion), compared with $629 million in the same period a year earlier.

Intel is kicking off the reporting season for the technology market so will be viewed as the barometer for the PC market and for technology spending.

The industry has been hit hard by the economic global downturn but this year, it is expected to benefit from increased corporate spending.

Meanwhile, sales grew 44% to $10.3 billion, while its gross margin increased to 63%, from 45%.

Chief Executive, Paul Otellini, comments: “A year ago at this time, the industry was in the midst of a sharp correction, with many expecting it to continue for an extended period. But we saw signals of it bottoming then, and now a year later the industry is nearly fully recovered.”

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