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Intel has reported record first-quarter revenue of $14.8bn, up 8% on the equivalent period a year ago, but down 9.75% on the previous quarter.

Net income was up 45% to $3bn, delivering earnings per share of $0.61, an increase of 45% compared with the first quarter of 2016. Operating income was $3.6bn, up 40% year-on-year.

“The first quarter was another record quarter, coming off a record 2016,” said Intel CEO Brian Krzanich. “We continued to grow our company, shipped our disruptive new Optane memory technology, and positioned Intel to lead in new areas like artificial intelligence and autonomous driving.

 “The ASP [average selling price] strength we saw across nearly every segment of the business demonstrates continued demand for high-performance computing, which will only increase with the explosion of data.”

Client Computing Group revenue of $8bn was up 6% compared with the first quarter of 2016, but down 12% on the previous quarter.

Data Center Group revenue driven by the growth in cloud computing services was also up 6% year-on-year to $4.2bn, but down almost 12% on the previous quarter.

Intel is slowly building its internet of things (IoT) group, which reported revenue of $721m, an increase of 11% compared with the first quarter of 2016, but down 0.68% on the previous quarter. IoT is part of Intel’s strategy to reduce its dependence on the PC market, which has seen a worldwide downturn with the proliferation of mobile devices.

Non-Volatile Memory Solutions Group revenue of $866m was up 55% year-on-year and up 6% on the previous quarter, while Programmable Solutions Group revenue was up 18% year-on-year to $425m and up 1.2% on the previous quarter.

Intel Security Group reported revenue of $534m, down 1% compared with the same period a year ago and down almost 3% on the previous quarter. The group was spun out as an independent security firm under the McAfee banner in April, but Intel retains a 49% stake in the new business.

Looking towards the next quarter, Intel is forecasting revenues of $14.4bn, plus or minus $500m.

“In the first quarter, we achieved growth across the business and increased capital returns with a 5% dividend raise while investing for future growth,” said Intel CFO Bob Swan. “We are off to a good start and have raised our outlook for the year as we also look to further improve Intel’s operating efficiency.”

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