Intel Corp.’s chief executive said the company had no advance warning or knowledge about the insider-trading investigation into Galleon Group, which has implicated an Intel executive.
“No one in our legal department or management knows anything about this,” said Paul Otellini, chief executive of the chip giant, in an interview at The Wall Street Journal’s headquarters in New York.
Intel has come out fighting, after being slapped with a record €1.06bn fine by the EU for anti-competitive practices.
Intel this afternoon posted Q1 revenue of $7.1 billion, a bit ahead of both the Street consensus of $6.98 billion and the company’s unofficial guidance of $7 billion. Profits of 11 cents a share were well ahead of the Street consensus of 3 cents.
“We believe PC sales bottomed out during the first quarter and that the industry is returning to normal seasonal patterns,” Intel CEO Paul Otellini said in a statement.
There was a time when the geeks who keep a company’s tech systems running could get by without knowing the finer details of corporate strategy. Well, those days are over. This downturn could mean the end of the sequestered CIO.
Could Intel drop into the red in the March quarter?
In a memo to employees, Bloomberg reports, Intel CEO Paul Otellini wrote that after 87 quarters of profits, the first quarter is “too close to call.”
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