Intel Earnings Beat Expectations

Company says processors will soon appear in smartphones.

Computer chip giant Intel Corp. on Tuesday reported quarterly earnings that beat Wall Street expectations and said its processors would soon debut in smartphones.

The California-based company said that it had a net income of $2.7 billion on revenue of $12.9 billion in the first three months of the year.

"The first quarter was a solid start to what's expected to be another growth year for Intel," Intel chief Paul Otellini said in a release.

"In the second quarter we'll see the first Intel-based smartphones in the market...and accelerate the ramp of our best server product ever, providing a tremendous foundation of growth in 2012 and beyond."

Intel stock price sank nearly 3% to $27.64 a share in after-hours trading that followed release of the earning figures.

Copyright Agence France-Presse, 2012

See also:

Intel to Pay $6.5 Million, Ending Antitrust Suit

Intel Scores Record Profits for 2011

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