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Record revenue for Intel

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Intel has reported record EPS and revenue on both a GAAP and non-GAAP basis.

On a non-GAAP basis, revenue was $12,9-billion, operating income was $4,3-billion, net income was $3,3-billion, and EPS was 59 cents. On a GAAP basis, the company reported first-quarter revenue of $12,8-billion, operating income of $4,2-billion, net income of $3,2-billion, and EPS of 56 cents.
The company generated approximately $4.0 billion in cash from operations, paid cash dividends of $994-million, and used $4-billion to repurchase 189-million shares of common stock.
“The first-quarter revenue was an all-time record for Intel fueled by double digit annual revenue growth in every major product segment and across all geographies,” says Paul Otellini, Intel president and CEO. “These outstanding results, combined with our guidance for the second quarter, position us to achieve greater than 20 percent annual revenue growth.”
PC Client Group revenue was up 17%, Data Center Group revenue was up 32%, other Intel architecture group revenue up 70%, and Intel Atom microprocessor and chipset revenue of $370-million was up 4%, all year-over-year.
The average selling price (ASP) for microprocessors was up sequentially.
Gross margin was 61%.
R&D plus MG&A spending of $3.7 billion, slightly higher than the company’s expectation.
The net gain of $213-million from equity investments and interest and other, consistent with the company’s expectation.
The effective tax rate was 28%, in line with the company’s outlook of 29%.
During the quarter, Intel closed the acquisitions of Infineon Wireless Solutions and McAfee.  The combination of both acquisitions contributed revenue of $496-million.