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Intel CFO Confident Business Headed in Right Direction

Intel CFO Confident Business Headed in Right Direction

In an interview with Reuters, Intel CFO Stacy Smith said that he remains confident in the direction of the company's business due to rising demand in emerging markets, even despite the S&P downgrade in the U.S. and the struggling global stock markets.

According to the source, Smith said that customers in the strong economies of China and Brazil now comprise half of Intel's sales, and did not appear to be flustered but economic issues in the U.S. and Europe.

"When your country is doing well, you know, you're probably somewhat inoculated from some of the shocks going on elsewhere in the world," Smith told Reuters.

While Intel's share price has reportedly remained at a low valuation for a significant period of time due to investors wanting the company to make faster progress into the smartphone market, Smith asserted that there were no indications of problems forcing him to change his forecast for the third quarter.

According to The Wall Street Journal, Intel recently announced that its investment arm Intel Capital plans to allocate $300 million for fostering innovation related to its new thin portable personal computer known as the Ultrabook.