Intel yesterday posted its financial earnings for the first quarter of 2011. Exceeding Wall Street and analyst expectations, the chip giant revealed a net income of 3.3 billion for Q1 2011, a figure that represents a 34 percent increase over the same period last year. Revenue came in at $12.9 billion, up 25 percent from the same period in 2010, or 12 percent from the previous quarter. Operating income was posted at $4.3 billion, up 7 percent from Q4 2010 and 25 percent from Q1 2010. Earnings per share was 59 cents, up 37 percent from the same period last year.
The above figure represent Intel’s non-GAAP results for the quarter in question. Non-GAAP results exclude certain acquisition accounting impacts and expenses related to acquisitions and the related income tax effects of these charges, however, Intel’s quarterly EPS and revenue are record breakers on both a non-GAAP and GAAP basis. The company’s GAAP revenue was $12.8 billion, up 12 percent compared to the previous quarter and 25 percent compared to Q1 2010. GAAP operating income was recorded as $4.2 billion up 3 percent and 21 percent compared to Q4 2010 and Q1 2010, respectively. GAAP net income was $3.2 billion, up 29 percent from Q1 2010, and GAAP EPS was 56 cents, up 30 percent from Q1 2010.
“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,” said Intel President and CEO Paul Otellini. “These outstanding results, combined with our guidance for the second quarter, position us to achieve greater than 20 percent annual revenue growth.”
According to CNN, analysts had expected the company’s revenue to come in at $11.59 billion. Expected EPS was 46c.