Intel Says EU Fine Means Almost Nothing
[05/27/2009 06:47 PM]Intel Corp. said on Wednesday that it hardly will see any impact from the $1.44 billion fine slapped by the European Commission onto the world’s largest maker of microprocessor earlier this month.
“There’s still plenty of cash flow from operations to invest in our business, pay the fine and pay the dividend. As we’ve said in the Q1 earnings call, we are not having any conversations about cutting the dividend,” said Steven Smith, chief financial officer of Intel, Reuters news-agency reports.
The European Commission slapped Intel with record fine for anticompetitive business practices and violation of the region’s laws. The chipmaker said it would appeal and did not admit its guilt.
While the $1.44 billion fine is record for the European Union, it is hardly truly significant for Intel, which obtained around $7.144 billion in the EU, or about 19% of total revenue, in its fiscal 2008 alone.
| Date: 05/27/09 08:11:37 PM] | Date: 05/29/09 12:55:14 AM]
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