Intel (News - Alert) Corp. reported second-quarter profits of $2.95 billion, or 54 cents a share, according to a company statement. This compares with $2.89 billion, or 51 cents a share, for the same quarter in 2010. During the most recent quarter, revenue was $13 billion, up from $10.8 billion.
Analysts had expected the company to have revenues of $12.8 billion, according to MarketWatch – citing data from FactSet (News - Alert) Research.
In addition, net income for the recent quarter was $3.2 billion, up $290 million, which is a 10 percent year-over-year increase. (non-GAAP.) With GAAP, net income for the quarter was $3.0 billion, up $67 million, equaling 2 percent year-over-year, the company said.
Intel said the most recent quarter was the fifth consecutive quarter of record revenue. The company adds it saw double-digit increases in revenue across all business segments.
“We achieved a significant new milestone in the second quarter, surpassing $13.0 billion in revenue for the first time,” Paul Otellini (News - Alert), Intel president and CEO, said in a company statement. “Strong corporate demand for our most advanced technology, the surge of mobile devices and Internet traffic fueling data center growth, and the rapid rise of computing in emerging markets drove record results. Intel’s 23 percent revenue growth in the first half and our increasing confidence in the second half of 2011 position us to grow annual revenue in the mid-20 percent range.”
Intel also noted how it acquired McAfee (News - Alert) Inc. and Infineon Wireless Solutions– which contributed revenue of $1.0 billion in its first full-quarter of results, according to the company statement.
For the third quarter, Intel is predicting $14.0 billion in revenue (GAAP). Non-GAAP revenue is projected to be $14.1 billion. For the full year, Intel is projecting $10.5 billion in capital spending, an increase from the earlier projection of $10.2 billion, the company said.
In other recent Intel news, TMCnet reported that Intel Capital (News - Alert) is investing money in two Russian online companies.
Intel Capital led an investment round in AlterGeo – which provides geo-location social networks in Russia, the company said. The money will be used to develop new services, increase the company’s user base, and build a customer acquisition platform, according to an Intel Capital statement. AlterGeo has over 700,000 users.
Intel Capital will also invest in Sapato.ru, which is an e-commerce retailer specializing in shoes and other footwear. Sapato has over 200 brands. The market is rapidly expanding, Intel Capital said.
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Ed Silverstein is a TMCnet contributor. To read more of his articles, please visit his columnist page.
Edited by Jennifer Russell