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Intel reports profitable year

Intel reported fourth-quarter revenue totalling $7.2bn (£4.5bn), up 3% over the same period in 2001, and net income for the period of $1bn (£626m).

The fourth-quarter 2002 results included a tax benefit of approximately $75m (£47m.

For the full year, revenue totalled $26.8bn (£16.8bn), up 1% from the previous year. Net income was up to $3.1bn (£1.9bn) from $1.3bn in 2001.

Intel said the 2001 figures results reflected charges for the amortisation of goodwill.

Net income for all of 2002, excluding acquisition-related costs, was down 4% to $3.5bn (£2.2bn).

Intel chief executive officer Craig Barrett said, "By successfully executing our strategies, it appears we have increased our market segment share in microprocessors, chip sets, graphics, motherboards, flash, PDA microprocessors and LAN-on-motherboard Gigabit Ethernet connections."

Barrett promised that the company would work to improve its competitiveness and cost structure to better position itself for growth once the economy gains strength.

Looking ahead, the company said revenue in the first quarter is expected to be $6.5bn (£4.1bn) to $7bn.

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