Intel Israel's employees will be paid a 2.5 month salary bonus for the fourth consecutive year, Intel Israel has reported. The company said that the bonus, which will be paid to most employees, reflects Intel's success and profitability.
Last Friday, Intel Corp. (Nasdaq: INTC) reported non-GAAP net profit of $5.2 billion ($1.08 per share) for the fourth quarter of 2017, higher than the analysts' expectations. Intel's revenue in the fourth quarter was $17.05 billion, 4% up from the corresponding quarter of 2016. The company's share price rose 4% on Nasdaq on Friday.
Intel is Israel's largest employer in the private sector with 12,000 employees at the end of 2017, including 1,000 taken in following the $15.3 billion acquisition last year of smart car technology developer Mobileye. Intel Israel's exports totaled $3.6 billion last year and over the years the company has exported from Israel goods worth more than $50 billion.
Intel Israel also reports that over the past decade it has made reciprocal procurement acquisitions in Israel worth $10 billion.
During 2016-2017, Intel Israel laid off hundreds of employees and hired hundreds of others as part of its overall reorganization and switching over to new projects.
Intel Israel general manager Yaniv Garty said, "As well as continuing to strengthen production operations, we have greatly strengthened our development center and we launched our 8th generation Intel Core, which was developed in Israel, and we also inaugurated a new AI development center and we opened a new cyber center."
Published by Globes [online], Israel business news - www.globes-online.com - on January 29, 2018
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