Chip maker Intel Corp. today reported fourth-quarter revenue totalling US$7 billion, up 7 percent from its third quarter results but off by 20 percent when compared with the fourth quarter of 2000.
Net income, excluding acquisition-related costs, was $998 million, the company reported after the financial markets closed. That was up 52 percent sequentially but down by 62 percent year over year. Fourth-quarter earnings excluding acquisition costs were 15 cents per share, up 50 percent from the 10 cents per share the company reported in the third quarter but off sharply from the 38 cents per share it reported in the fourth quarter of 2000.
That represents a drop in earnings of 61 percent, the company said in a statement.
For the fiscal year just ended, Intel said revenue totalled $26.5 billion, down 21 percent from the $33.7 billion it reported in 2000. Net income, excluding acquisition-related costs, was $3.6 billion, down 70 percent from 2000. Earnings excluding the acquisition-related costs were 52 cents per share, off 70 percent from $1.73 per share in 2000.
Including acquisition-related costs, Intel said net income in 2001 was $1.3 billion, down a whopping 88 percent from $10.5 billion in 2000. For 2001, earnings per share were 19 cents, down 87 percent from $1.51 per share in 2000.
"2001 was a terrible year for our industry," said Craig R. Barrett, Intel's president and CEO. "Despite this backdrop, we introduced exciting new products, including the industry's first 2-GHz processor, gained market segment share and earned over $1 billion....
"While 2001 was difficult for Intel, I can't imagine changing places with any other company on the planet," Barrett said. "Our 2001 R&D and manufacturing investments position us to grow faster than the industry when the high-tech recovery occurs."