Intel 1Q profit nearly quadrupleshttps://indianexpress.com/article/news-archive/web/intel-1q-profit-nearly-quadruples/

Intel 1Q profit nearly quadruples

The company’s good news is expected to have a wide-ranging positive effect on stocks in the US.

The company’s good news is expected to have a wide-ranging positive effect on stocks in the US.

Intel Corp. says its net income in the first quarter nearly quadrupled over last year.

Intel’s latest profit was lifted by sales of new chips for computer servers as well as an overall bump in technology spending.

And in the comparable period last year the company took a big charge to write down the value of an investment.

Intel is the first major technology company to report earnings for the first three months. It said after the market closed Tuesday that it earned $2.4 billion,or 43 cents per share,in the first three months of 2009.

Analysts were expecting profit of 38 cents per share.