Intel Plans To Be Major Player In Smartphone Market Within Five Years
Intel Corporation (NASDAQ:INTC) is getting its feet wet in the smartphone market with the debut of its mobile chips this week, however the company isn't looking to merely dabble in the booming mobile device sector, Bloomberg reports.
"Intel doesn’t go into markets to be a small player," said chief financial officer Stacy Smith. "It’s a billion-unit market, so there’s huge opportunity for us."
Intel is entering the market by supplying its phone-chip designs to five customers, with the first device hitting the shelves in India this week. With one foot in the door, the company intends to mirror the success it's had with PCs - with roughly 80 percent of the market - in its upcoming line of smartphones.
The debut marks the company's first foray into the world of smartphones.
"As of a week ago, we had zero share," Smith said. "As of this week, it’s zero-point-something, because the first phones are selling."
Recent insider trading reports indicate William M. Holt, vice president and general manager of Intel's Tech and Manufacturing group, on April 20 sold 4,568 shares at $27.92 each.
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