Intel announced yesterday that its third-quarter profit more than doubled year over year, thanks to stronger-than-expected sales in Asia and Europe. As a result, the company exceeded its financial predictions for the quarter. Intel posted a net income of $1.7 billion (up 142 percent) on revenues of $7.8 billion (up 20 percent). Intel also shipped a record number of microprocessors in the quarter.
"Intel delivered excellent results in the quarter, led by global strength in our computing-related business, resulting in record unit shipments of microprocessors and chipsets," Intel CEO Craig Barrett said. "Our resolve to invest aggressively during the downturn is paying off with double-digit revenue growth and a doubling of profit compared to a year ago. Our product and technology leadership make us well positioned to take advantage of improving demand. Going forward, our strategy remains the same: Invest in leading-edge capacity, develop innovative new products, and target growth opportunities worldwide."
During a post-announcement conference call, however, Intel chief financial officer (CFO) Andrew Bryant said that microprocessor sales in the United States are still lagging behind other regions, so it's still too early to declare the US corporate spending slump over. "There is \[still\] no overwhelming rush to increase IT spending \[in the United States\]," he said. Intel executives also noted during the call that revenues will rise again in the fourth quarter, when the company expects to deliver $8.1 billion to $8.7 billion in sales.