New York: World’s biggest computer chip maker Intel reported a fall of 7.9% in net income in the third quarter but remains bullish about prospects in the fourth quarter.
The company has reported a net income of $1.85 billion in the third quarter this year compared to $2.01 billion in the year-ago period, Intel said in a statement.
Intel’s third quarter net revenue grew sequentially to $9.4 billion against $1.4 billion in Q2, supported by improved demand for microprocessors and chip-set units.
The company stated the sequential growth in revenue was the “strongest second-to-third-quarter growth in over 30 years.” However, Intel’s revenue had been $10.21 billion in the third quarter of 2008.
In its outlook for the fourth quarter, Intel is expecting revenue in the range of $10.5 billion to $9.7 billion, the statement said.
The chip maker’s business seems to be on a recovery path as the fall in the company’s revenue for the third quarter slowed down to 8% compared to the same period last year, an improvement from 15% and 26% y-o-y declines in the second and first quarter, respectively.
“Intel’s strong Q3 results underscore that computing is essential to people’s lives, proving importance of technology innovation in leading an economic recovery,” Intel president and CEO Paul Otellini said.