Intel last night reported fourth quarter revenues of US$10.7bn, up 10.5pc on the year, and declared an operating income of US$3bn, up 105pc on the year.
The chip manufacturer, which employs 5,000 people in Leixlip and is responsible for producing 80pc of the world’s microprocessors, announced a net income of US$2.3bn and an earnings per share of 38 cents.
However, the results still failed to meet market expectations and amidst a recession-fearing market, Intel stock tumbled 15pc overnight.
Intel’s operating income for the full year of 2007 was up 45pc which CEO Paul Otellini said reflected the company’s ongoing efficiency programmes, resulting in profits growing faster than revenue.
“2007 was a breakthrough year for innovation at Intel,” Otellini said.
“We realised the benefits of our investments in new products and our efforts to drive efficiencies. Our customers embraced the Intel Core microarchitecture, extending our competitive leadership and driving a significant gain in operating results.
“We enter 2008 with the best combination of products, silicon technology and manufacturing leadership in our history,” Otellini proclaimed.
By John Kennedy
