Intel's profits soar for third quarter

SAN JOSE, Calif. (AP) -- Driven by strong demand in emerging countries for the silicon chips that make up personal computers, Intel Corp.'s third-quarter profits more than doubled over last year, beating Wall Street expectations.
For the first time in the current economic recovery, Intel executives said the company's growth was outpacing normal seasonal patterns, though demand from countries such as Russia, China and India outpaced the domestic growth rate.
"Third-quarter revenue grew 15 percent over the second quarter. That's the highest third-quarter growth rate we've seen in over 25 years," Andy Bryant, Intel's chief financial officer, said in an interview Tuesday. "It's well above normal seasonal ranges."
Shares of Intel hit a 52-week high Tuesday, before its results were announced. They closed at $31.08, up 28 cents, in Nasdaq Stock Market trading. In the extended session, they gained 76 cents.
For the three months ended Sept. 30, Intel earned $1.7 billion, or 25 cents per share, compared with profits of $686 million, or 10 cents per share, in the same period last year. Sales rose 20 percent to $7.8 billion, from $6.5 billion last year.
At the end of the second quarter, Intel initially predicted sales of $6.9 billion to $7.5 billion. A few weeks later, it upped the estimate to between $7.3 billion and $7.8 billion. Last month, it narrowed the range to between $7.6 billion and $7.8 billion.