The world's biggest computer chip maker Intel has reported better than expected profits and delivered an upbeat forecast for the rest of the year.
Intel, which employs thousands of people in Ireland, said its net profit fell 5% in the third quarter of the year compared with the same period last year to $1.9 billion. This amounted to 33 cents per share, better than the 28 cents expected by Wall Street analysts.
The technology firm said revenue declined 7.8% to $9.4 billion, higher than the $8.8 billion to $9.2 billion the company had forecast in August.
'Intel's strong third-quarter results underscore that computing is essential to people's lives, proving the importance of technology innovation in leading an economic recovery,' said Intel president and chief executive Paul Otellini.
Intel forecast revenue of around $10.1 billion for the current quarter, well above the estimates of analysts of around $9.51 billion.
The outlook provided further hope that the personal computer industry is starting to pull itself out of the recession. The Gartner research group said last month that the global computer market is showing signs of recovery, with sales forecast to decline just 2% this year, much better than a June prediction of 6%.
