Consolidated Statements of Income
Consolidated Statements of Income
| Three Years Ended December 27, 2008 (In Millions, Except Per Share Amounts) |
2008 | 2007 | 2006 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Net revenue | $ | 37,586 | $ | 38,334 | $ | 35,382 | |||
| Cost of sales | 16,742 | 18,430 | 17,164 | ||||||
| Gross margin | 20,844 | 19,904 | 18,218 | ||||||
| Research and development | 5,722 | 5,755 | 5,873 | ||||||
| Marketing, general and administrative | 5,458 | 5,417 | 6,138 | ||||||
| Restructuring and asset impairment charges | 710 | 516 | 555 | ||||||
| Operating expenses | 11,890 | 11,688 | 12,566 | ||||||
| Operating income | 8,954 | 8,216 | 5,652 | ||||||
| Gains (losses) on equity method investments, net | (1,380) | 3 | 2 | ||||||
| Gains (losses) on other equity investments, net | (376) | 154 | 212 | ||||||
| Interest and other, net | 488 | 793 | 1,202 | ||||||
| Income before taxes | 7,686 | 9,166 | 7,068 | ||||||
| Provision for taxes | 2,394 | 2,190 | 2,024 | ||||||
| Net income | $ | 5,292 | $ | 6,976 | $ | 5,044 | |||
| Basic earnings per common share | $ | 0.93 | $ | 1.20 | $ | 0.87 | |||
| Diluted earnings per common share | $ | 0.92 | $ | 1.18 | $ | 0.86 | |||
| Weighted average shares outstanding: | |||||||||
Basic |
5,663 | 5,816 | 5,797 | ||||||
Diluted |
5,748 | 5,936 | 5,880 | ||||||
| See accompanying notes. |