It seems that tech spending is starting to pick back up as Intel just blew numbers away.
Citing the impact of an improving economy, Intel posted sales of $9.4 billion, down $828 million on the same period last year, but above Wall Street's projection of $9.04 billion.
That was a $360 million dollar beat on the top line which is quite an overshoot. The earnings numbers were even better:
The world's largest chipmaker earned 33 cents a share on net income of $1.9 billion, down from 35 cents a share and $2 billion in the same period last year. Analysts surveyed by Thomson Reuters had estimated earnings of 28 cents a share.
Most of the growth came from Atom Processors so their profit margin seems to have shrunk from last. In any case this bodes well for the rest of the tech sector. We might see a NASDAQ rally coming down the pike depending on what Google and IBM do.