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April 17, 2009

Intel profit plunges 55% in weak Q1

Europe revenue fell 32% to $1.27 billion

By CBR Staff Writer

Intel has reported a 55% decline in net income to $647m for the first quarter 2009, compared to $1.44 billion in the year-ago quarter, on revenue down 26% at $7.14 billion.

Operating income fell 67% to $670m, while diluted EPS fell 56% to $0.11.

The company said digital enterprise revenue fell 26% to $4 billion, mobility revenue declined 21% to $2.9 billion, and revenue from others fell 61% to $222m. Geographically, Asia Pacific revenue declined 24% to $3.64 billion, while Americas revenue fell 25% to $1.51 billion. Europe revenue fell 32% to $1.27 billion, while Japan revenue fell 29% to $715m.

Paul Otellini, president and chief executive at Intel, said: We believe PC sales bottomed out during the first quarter and that the industry is returning to normal seasonal patterns. Intel has adapted well to the current economic environment and we’re benefiting from disciplined execution and agility. We’re delivering a product portfolio that meets the needs of the changing market, spanning affordable computing to high-performance, energy-efficient computing.

Looking ahead to the second quarter, the company expects flat sequential revenue.

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