Intel has proved naysayers wrong with a better than expected profit
In a time when falling profits, lay-offs and companies going under, it’s good to see that one company is bucking the trend, even if Wall St predicted otherwise.
Although chip processor manufacturer Intel’s profit has more than halved compared to last year, it’s still three times better than pundits thought it was going to be. Its net income was $US647 million (11 cents per share), which was a lot better than the 3 cents per share that was predicted by analysts.
One reason, claims Intel CEO Paul Otellini in a statement on their website, is that PC sales have bottomed out and 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.” he said.