Intel has surprised investors by reporting quarterly revenue of US$13.9 billion, despite supply chain problems that caused the company itself to warn Wall Street not to expect too much.

In a statement issued in December, Intel cut its earnings forecast from US$14.7 billion to US$13.7 billion, saying flooding in Thailand had led to a shortage of hard disk drives, which in turn was forcing PC makers to reduce their output.

Intel’s share price has risen slightly in after-hours trading, investors apparently appreciating the frank appraisal, and the fact Intel exceeded its revised prediction.

Paul Otellini, president and CEO of Intel, says the company is well placed to take advantage of growth opportunities such as ultrabooks, data centers, security, and Intel-powered smartphones and tablets.

"2011 was an exceptional year for Intel,” Otellini says.

"With outstanding execution the company performed superbly, growing revenue by more than $10 billion and eclipsing all annual revenue and earnings records.”

The company reported full-year revenue of US$54 billion, and re-purchased US$4.1 billion worth of stock in the fourth quarter.