Intel beats Wall St view

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Intel reported a 44 percent surge in first-quarter revenue and delivered a current-quarter forecast ahead of Wall Street expectations, boosting the chipmaker's stock by 4 percent.

Intel said its gross profit margin in the first quarter was 63 percent, and forecast margins of 64 percent - plus or minus "a couple percentage points" - in the current quarter.

The company said on Tuesday net income totaled US$2.4 billion (NZ$3.36 billion) or 43 cents a share in the three months ended March 27, up sharply from US$629 million or 11 cents a share in the year-ago period.

That exceeded average expectations for 38 cents a share.

Revenue rose to US$10.3 billion, above the Wall Street target of roughly US$9.84 billion.

Intel forecast revenue for the current quarter of US$10.2 billion, plus or minus US$400 million.

Analysts polled by Thomson Reuters I/B/E/S, on average, expect current-quarter revenue of US$9.68 billion.

Shares of the Santa Clara, California-based company rose 4.1 percent to US$23.70 in after-hours trading after closing Tuesday's regular trading session at US$22.76 on Nasdaq.

- Reuters