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16/01/2009
Ireland's Biggest Employer Profits Drop 90%
Following the worrying job losses in Dell and Kostal, fears are mounting over Ireland's biggest employer, Intel.
The American-based company has lost an unprecedented 90% of its profits due to the world recession, and was forced to take down the value of its investments.
The multinational corporation today reported fourth-quarter revenue of $8.2 billion, operating income of $1.5 billion, net income of $234 million and earnings per share (EPS) of 4 cents. The results included a billion-dollar negative impact from the previously announced reduction in the carrying value of the company's Clearwire investments.
Paul Otellini, Intel's President said: "The economy and the industry are in the process of resetting to a new baseline from which growth will resume. While the environment is uncertain, our fundamental business strategies are more focused than ever.
"Intel has weathered difficult times in the past, and we know what needs to be done to drive our success moving forward.
"Our new technologies and new products will help us ignite market growth and thrive when the economy recovers."
Intel's share price took a sharp dip yesterday, but has recovered to 13.29 today.
(DW/BMcC)
The American-based company has lost an unprecedented 90% of its profits due to the world recession, and was forced to take down the value of its investments.
The multinational corporation today reported fourth-quarter revenue of $8.2 billion, operating income of $1.5 billion, net income of $234 million and earnings per share (EPS) of 4 cents. The results included a billion-dollar negative impact from the previously announced reduction in the carrying value of the company's Clearwire investments.
Paul Otellini, Intel's President said: "The economy and the industry are in the process of resetting to a new baseline from which growth will resume. While the environment is uncertain, our fundamental business strategies are more focused than ever.
"Intel has weathered difficult times in the past, and we know what needs to be done to drive our success moving forward.
"Our new technologies and new products will help us ignite market growth and thrive when the economy recovers."
Intel's share price took a sharp dip yesterday, but has recovered to 13.29 today.
(DW/BMcC)
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