Intel on Tuesday reported strong earnings for the first quarter of fiscal 2010, with the company calling it the "best first quarter ever".
The company recorded net income of $2.4 billion for the quarter ended on March 27, an increase of 288 percent compared to the first quarter a year ago. The net income beat estimates of $2.13 billion from analysts polled by Thomson Reuters.
The company recorded revenue of $10.3 billion for the first quarter, an increase of 44 percent compared to last year's first quarter. The numbers also beat analyst estimates of $9.8 billion.
Intel saw microprocessor and chipset revenue increase during the quarter. The company in January launched new Core i3, Core i5 and Core i7 chips for laptops and desktops, followed by new Xeon server 5600 chips in the middle of March. The chips were made using the 32-nanometre manufacturing process, which makes microprocessors faster and more power-efficient while reducing manufacturing costs. In February last year, Intel said it would invest $7 billion over the next two years to revamp manufacturing plants to lower chip-manufacturing costs and increase production.
"The investments we're making in leading edge technology are delivering the most compelling product line-up in our history," said Paul Otellini, Intel president and CEO, in a statement. "Looking forward, we're optimistic about our business as Intel products are designed into a variety of new and exciting segments," Otellini said.
Intel estimated revenue for the second quarter to be around $10.2 billion, plus or minus $400 million.