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Intel sees surge in tech spending

INTEL last night posted stronger-than-expected first quarter results and predicted further strong figures for the current quarter.

Boosting expectations of a recovery in the tech sector after businesses and consumers slashed spending in 2009, the chipmaker said gross profit margin for the quarter was 63 per cent.

Net income was $2.4bn (£1.6bn), or 43 cents a share, in the three months ended 27 March, compared with $629m, or 11 cents a share, a year ago. Revenue rose to $10.3bn, above the expected $9.84bn, and it forecast revenue of $10.2bn this quarter.