Intel offers positive guidance after weak quarter
Posted By RichC on April 16, 2008
As someone who holds entirely too many share of Intel (INTC), I’ve been dreading the anticipated news of a bad quarter from Intel. They at least should offset the weak quarter with a positive outlook. Wednesday pre-open electronic trading has INTC at 22.45 Up 1.54 (7.36%) as of 7:52AM ET.
Intel Corp. posted a 12% drop in first-quarter profit, but indicated that healthy demand for its widely used microprocessors is offsetting recent problems in memory chips.
Some investors had been worried that the technology bellwether would issue a bearish forecast, amid questions about the health of computer demand and general economic jitters. But Intel’s prediction for second-quarter revenue came in slightly above Wall Street’s average estimates, and it maintained a prediction for improved profit margins for 2008.
“The competitive position of our core business is superb,” said Paul Otellini, Intel’s chief executive, during a conference call.
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