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Intel Second Quarter revenue $6.7 billion

Revenue Up 14% and EPS Up 55% from Second Quarter 1998

Intel Corporation announced second quarter revenue of US$6.7 billion and earnings of US$1.7 billion or US$0.51 per share. Second quarter revenue was up 14 percent from second quarter 1998 revenue of US$5.9 billion. Second quarter revenue was down 5 percent from first quarter 1999 revenue of US$7.1 billion.

Net income in the second quarter was US$1.7 billion, up 49 percent from second quarter 1998 net income of US$1.2 billion. Net income in the second quarter was down 13 percent from first quarter 1999 net income of US$2.0 billion.

Second quarter earnings per share of US$0.51 increased 55 percent from US$0.33 in the second quarter of 1998. Earnings per share in the second quarter declined 11 percent from US$0.57 in the first quarter of 1999.

"We are pleased with our accomplishments this quarter. We made progress positioning Intel for the evolving Internet economy. The Pentium® III processor, a high performance multimedia processor for the
most demanding Internet applications, is on track to be our fastest ramping processor ever," said Dr. Craig R. Barrett, president and chief executive officer. "In addition, we regained market segment share in the value PC segment with the Intel® Celeron(tm) processor. As expected, second quarter revenue reflected a seasonal slowdown, and we look forward to a strong second half."

During the quarter, the company paid its quarterly cash dividend of US$0.03 per share, an increase from US$0.02 paid in the first quarter. The dividend was paid on June 1, 1999, to stockholders of record on May 7, 1999. Intel has paid a regular quarterly cash dividend for over six years.

During the quarter, the company repurchased a total of 25 million shares of common stock, at a cost of US$1.5 billion, under an ongoing program. Since the program began in 1990, the company has repurchased 634.6 million shares at a total cost of US$16.4 billion.

On July 12, 1999, Intel acquired Dialogic Corporation for US$44 per share in an all-cash tender offer valued at approximately US$780 million.

Intel, the world's largest chip maker, is also a leading manufacturer of computer, networking and communications products.

Additional information about Intel is available at www.intel.com/pressroom

FINANCIAL INFORMATION

A financial review section and income statement and balance sheet information is available on the investor Web site at www.intc.com

END

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