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Intel Soars Past Expectations |
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Written by Mike Buetow
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Tuesday, 16 October 2007 |
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SANTA CLARA, CA -- Intel, the world's largest chipmaker, said its September quarter profits were up 43% year-over-year-ago on hot worldwide PC demand. Forecasts remain strong, the company said, countering those who claimed inventories are too high.
Third-quarter revenues rose 15% to $10.1 billion, easily topping Wall Street's consensus estimate of $9.62 billion. Demand overcame a flat average selling prices for the quarter.
Intel also said it would reduce its work force by 2,000 employees by year-end, on top of 10,000 jobs cut within the last year.
Separately, the company promoted chief financial officer Andy Bryant to chief administrative officer, a new job title.
Assistant CFO Stacy Smith was named to replace Bryant. Bryant has been with Intel since 1981 and CFO since 1994.
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