Intel profit jumps 43%; more job cuts |
| MarketWatch - Oct 17, 2007 |
Intel Corp., the world's No. 1 chipmaker, reported a 43% increase in third-quarter profit Tuesday, benefiting from a robust personal-computer market, but it also announced plans to shed 2,000 more jobs as part of a continued reduction in staff.
The Santa Clara, Calif.-based semiconductor maker also named Stacy J. Smith as its new chief financial officer, replacing Andy Bryant, in what one analyst said was an expected transition in the company. Smith, a deputy CFO, will report to Bryant, who was promoted to chief administrative officer.
Shares of Intel, a component of the Dow Jones Industrial Average, rose more than 5% in premarket trading Wednesday after the report.
"It was not a surprise to the investment community," analyst John Dryden of Charter Equity Research said of Bryant's new post. "I believe it has been a known transition that was coming. It was just a matter of timing."
Read Full Article from MarketWatch
- Posted: 2007-10-17 10:20:16
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