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Intel believes that the tech market has “bottomed” but it doesn’t seem like the tech sector is quite out of the woods yet. The comments came as the Company reported a $647 million profit on sales of $7.1 billion.
Intel believes that the tech market has “bottomed” but it doesn’t seem like the tech sector is quite out of the woods yet. The comments came as the Company reported a $647 million profit on sales of $7.1 billion.
The results exceeded the expectations of analysts who had forecast revenue of $6.98 billion. Gross margins were 46%, representing a drop of 7% quarter-over-quarter. Profits were also down 55% from the year-ago quarter.
“We believe PC sales bottomed out during the first quarter and that the industry is returning to normal seasonal patterns,” CEO Paul Otellini said in a statement. “Intel has adapted well to the current economic environment and we’re benefiting from disciplined execution and agility.”
Intel’s outlook, or rather what little it was willing to share about its outlook, was cautious. The company declined to give a revenue projection for the current quarter, and said only that for internal purposes it expects revenue to “approximately flat,” from the first quarter. Gross margins it said will continue to be in the mid-40s.
