Intel Reports Record First Quarter

US technology company Intel has seen record profits in the first quarter of the year.

Intel has quadrupled profits during the period, assisted by the sales of new chips for computer services.

Net income for the three months up to March came in at a staggering $2.44bn (£1.59bn) compared with only $629m for the same period last year. Sales also increased by 44 per cent as the personal computer market continued to recover from the recession.

Paul Otellini, Chief executive of Intel says he is "optimistic" about the year ahead and has forecast sales of $10.2bn in the second quarter.

Intel's earnings were scrutinised by many as they were first of all of the major technical companies to announce their results for this period. However, their results surpassed even the experts expectations.

"It appears the company has successfully navigated through the recession and is clearly emerging stronger from the downturn," said one analyst at Edward Jones.

"Not only were we pleased with the numbers, we were pleased with the company's increased confidence for all of 2010."

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