Intel, the number one computer chipmaker, late Tuesday posted first-quarter earnings per share that came in a penny above Wall Street views on roughly in line sales. Intel stock was up 1% in after-hours trading on the report, after rising less than 1% in the regular session, to 26.77. Intel stock touched a 22-month high of 27.12 in January. The company earned 38 cents a share, down 5% from the year-earlier quarter, on sales of $12.76 billion, up 1.5%, for the quarter ended March 29.
Intel’s PC business has defied claims the PC market is dying, after reporting year-on-year growth for the second quarter in a row. Shipments for the business PC market were up in Q1 2014, according to CEO Brian Krzanich. However, while operating income in the segment was up compared to the same quarter in 2013, it was down by almost £600 million compared to the last quarter. Nevertheless, Krzanich said there were signs of recovery in the PC market, with sales boosted by back-to-school sales and Windows 8. “We’re now expecting more than 70 two-in-one designs for the back-to-school selling season and many will be offered at $699 or less,” said Krzanich. “These trends, in combination with renewed interest in Windows 8 from our customers, are encouraging.”
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