First-quarter net income was $915 million, down 13 percent sequentially and down 2 percent year-over-year. Earnings per share were $0.14, down 13 percent sequentially and flat with the first quarter of 2002.

The company beat Wall Street's expectations, which predicted the chip giant would report earnings of $0.12 per share.

The fourth-quarter 2002 results included a tax benefit of approximately $75 million related to divestitures, which increased earnings per share by $0.01. Last year's first-quarter results included a pretax charge of $155 million related to a litigation settlement agreement, which had an after-tax impact of $0.015 per share.

Revenue in the second quarter is expected to be between $6.4-to-$7.0 billion. Capital spending for 2003 is expected to be between $3.5-to-$3.9 billion.

“Our financial performance for the quarter was solid with our computing-related business performing better than expected and our flash business coming in below expectations," said Craig R. Barrett, Intel chief executive officer, in a statement.

In January, Intel projected that first-quarter sales would be between $6.5-to-$7.0 billion. Then, in March, Intel projected that its revenue would be between $6.6-to-$6.8 billion, following better-than-expected processor sales. But its communications business was said to be trending

By: DocMemory
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