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Intel bucks trend, hits $1 billion

Intel broke the $1 billion mark for the first time with second-quarter net income.

Despite the recent plunge in high-technology stock prices and an increasingly combative chip market, Intel today announced that per-share earnings for the second quarter rose 18 percent over last year and that quarterly net income exceeded $1 billion for the first time.

The company posted total revenue of $4.62 billion for the quarter ended June 29, 19 percent higher than the second quarter last year but about even with the $4.64 billion reported for the first quarter. Net income came in at $1.04 billion in the second quarter, up from $879 million for the second quarter last year. Earnings per share rose 18 percent from 99 cents for the second quarter of 1995 and 15 percent from $1.02 in this year's first quarter.

Much of the revenue growth came from the Asia market, while revenue in the Americas and Japan was down and Europe was flat compared to the first quarter.

"In what was clearly a tough quarter for the industry, we were pleased to set new records for unit shipments of both microprocessors and related chipsets. This record suggests that demand for high performance personal computers is fundamentally healthy," Intel President and CEO Andy Grove said in a prepared statement.

Intel, which is also an investor in CNET, said it expects revenue for the third quarter of 1996 to be about equal to this quarter, explaining that July and August are typically slow sales months, particularly in Europe.

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