Intel has announced first-quarter revenue of $8,9-billion, operating income of $1,7-billion, net income of $1,6-billion and earnings per share (EPS) of 27 cents. 

The results included the effect of a $300-million reversal of previously accrued taxes that increased EPS by approximately 5 cents.
"The strong momentum of our industry-leading Intel Core microarchitecture product family, combined with ongoing structural cost improvements, delivered solid financial results in the first quarter," says Intel President and CEO Paul Otellini. "Our product strength is reflected in the fact that average selling prices for the quarter held up well in a very competitive environment."
Gross margin for the first quarter was 50,1%, higher that 49,6% in the previous quarter as lower microprocessor unit costs and the sale of previously reserved inventory more than offset the effects of higher 45 nanometer (nm) start-up costs and lower revenue.
During this quarter, Intel reached its goal of reducing the workforce to about 92 000 people, meeting the target one quarter ahead of schedule.
Total microprocessor units were lower sequentially. The average selling price (ASP) was slightly lower, driven by a lower mix within server processors, with desktop and mobile ASPs flat. In addition, chipset, motherboard and flash memory units were lower sequentially.