SANTA CLARA, California (Reuters) - Intel Corp (INTC.O) expects annual earnings growth to double over the next few years, bolstered by an expected 15 percent to 16 percent expansion in the global personal computer market.
Chief Executive Paul Otellini told investors on Tuesday he saw annual revenue and earnings growth reaching the low double-digit percentages over the next few years after shrinking in 2009, a year that marked the worst economic and tech spending downturn in decades.
Otellini, speaking at the company’s annual investors’ conference in Santa Clara, added that he did not see tablet computers — typified by Apple’s (AAPL.O) just-launched iPad — stealing market share from desktop and laptop PCs.
Intel has exceeded Wall Street’s expectations on net earnings in six of the past eight quarters, according to Thomson Reuters I/B/E/S.
Executives said at the conference they remained “highly confident” in last month’s forecasts for second-quarter margins of 62 to 66 percent and revenue of $9.8 billion to $10.6 billion.
But they said they were watching the economic situation in Europe.
Shares in the company gained 1.1 percent to $22.80 in late morning trading.
Reporting by Alexei Oreskovic