Intel's shares rise after disclosing first quarter profits

Intel's shares increased 73 cents to $23.36 in morning trading after disclosing its first quarter results. In the first three months of the year the company earned $2.15 billion (34 cents per share), compared to $1.73 billion (26 cents per share) in the same period last year.

The first-quarter turnover was 17 percent higher than last year, from $8.09 billion in 2004 to $9.34 billion this year. But the first quarter of this year also included an extra business week.

Intel's results are higher than expected, Wall Street analysts expected Intel to earn 31 cents per share on sales of $9.31 billion.

Read more about Intel's Q1 2005 results at ABC News