Intel records "exceptional" full-year sales of $54bn

Chip manufacturer Intel has recorded full-year revenues of $54 billion with net profit of $12.9 billion, and announced it is to increase spending in 2012 to $12.5 billion.

The company is boosting spending on chips for smartphones, tablets and the slim line Ultrabook in what the company described as an "investment year" in a conference call following the release of results.

"2011 was an exceptional year for Intel," offered president Paul Otellini. "With outstanding execution the company performed superbly, growing revenue by more than $10 billion and eclipsing all annual revenue and earnings records.

"With a tremendous product and technology pipeline for 2012, we're excited about the global growth opportunities presented by Ultrabook systems, the data center, security and the introduction of Intel-powered smartphones and tablets."

For the fourth quarter Intel saw sales of 13.9 billion and net profit of $3.4 billion.