Intel may owe $600+ million in back taxes

Intel has been notified that it may have to pay approximately $600 million in back taxes, plus interest, the company disclosed in a regulatory filing Wednesday.

There are several stories on the net claiming that Intel may have to pay approximately $600 million in back taxes, plus interest. “The company added that if it has to pay the back taxes there “exists the possibility of a material adverse impact on the results of operations for the period.”

Intel reported revenue of $6.8 billion for the second quarter of 2003, compared to revenue of $6.3 billion for the year-ago period. Net income increased 101 percent from the second quarter of last year, to $896 million.

Shares of the company closed down 0.54 percent Wednesday at $24.14 a share.

More information can be found at Pc World.com and Info World.”