Chip maker Intel last night reported that its fourth quarter profits more than doubled from a year ago to $2.2 billion as global demand for computers and other gadgets improved.
The company said its earnings amounted to 33 cents per share, better than the 25 cents per share expected on Wall
Street.
Revenues for the October-December period rose 22% from the same period a year earlier, hitting a record $8.74 billion.
'We ended the year on a high note as ongoing strength in emerging markets coupled with improving demand in established markets drove revenue to record levels,' said Intel CEO Craig Barrett in a statement.
Barrett said the company was aiming for double-digit growth in 2004.
The fourth quarter results included a $611m write-down of the value of Intel's investment in the Wireless Communications and Computing Group. But that was offset by unanticipated tax benefits.
For the full year, Intel posted earnings of $5.6 billion, an 85% increase from 2002, while revenues hit $30 billion, up 13%.
The company said revenue in the first quarter is expected to be between $7.9 billion and $8.5 billion.
