Intel quarterly revenue hits record $11.1 billion

From CNET News.com: ntel's revenue in the third quarter jumped 18 percent year-over-year, while profits also shot up over the previous year.

The world's largest chipmaker reported revenue of $11.1 billion, earning 52 cents per share and beating the analyst consensus of about 50 cents per share. This compares to $9.4 billion in revenue in the year-earlier period, or 33 cents a share.

Intel said back in August that its third-quarter revenue would be below the company's prior outlook, due to weak demand for consumer PCs, and at that time said it expected to post third-quarter revenue of about $11 billion.

Profits shot up in the third quarter to $3 billion, topping last year's third quarter of $1.9 billion and this year's prior quarter of $2.9 billion.

Gross margin, a crucial profit indicator, was 66 percent, meeting Wall Street expectations.

"Intel's third-quarter results set all-time records for revenue and operating income," said Paul Otellini, Intel president and CEO, in a statement. "These results were driven by solid demand from corporate customers, sales of our leadership products and continued growth in emerging markets," Otellini said.

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