Intel (NASDAQ: INTC) had Q2 revenues of $8 billion, up 12% from Q1 and beating analyst expectations of $7.23 billion soundly. This was the best quarter-over-quarter growth rate for the world's largest chip manufacturer in more than 20 years -- and a good sign for the technology sector as a whole.
The company's profit of 18 cents a share was more than double the consensus of 8 cents, and the good news sent Intel's stock up 7% in after-hours trading.
This report didn't include a $1.45 billion fine that the European Commission imposed on the company back in May. This would have pushed Intel to a loss of $398 million (7 cents a share). But Intel is appealing the decision, which involved accusations of an abuse of market position. The company puts chips into 80% of computers.
Intel was the first technology company in the barrel this earnings seasons, and its solid results are likely to boost the sector as a whole, with the possibility that the momentum will carry into other industries. With consumer sentiment underwater, we need every ray of sunshine we can get.
Hell, if enough tech companies post strong numbers, we can rebuild CMGi and party like it's 1999.
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