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Intel restates Q1 earnings. Upwards
Tax burden reduced
Intel increased its previously reported Q1 FY2005 earnings this week, thanks to a reduction in the quarter's tax bill.
According to filings made with the US Securities and Exchange Commission, Intel's Q1 tax bill was $24m lower than it had expected. The upshot: Intel raised its earnings by a cent a share, from 34 cents to 35 cents. Q1 FY2004's earnings were 26 cents a share.
Last month, Intel said Q1 sales had totalled $9.4bn, up 17 per cent on the year-ago quarter but down two per cent on Q4 FY2004. Net income for the quarter came to $2.2bn, it said, up 25 per cent year on year and up a single percentage point sequentially.
Intel expects second quarter revenue to come in between $8.6bn and $9.2bn. ®
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