Chipmaker Intel has reported a record quarter once again and the outfit believes it will do even better in Q1 2011.

The company reported a profit of $3.39 billion for Q4 2010, up from $2.3 billion a year earlier. Revenue was $11.46 billion, up 8.4 percent sequentially. Intel believes that its Q1 revenue could reach $11.9 billion

CEO Paul Otellini told investors that 2011 will be even better, thanks to the economic recovery and Intel’s plans to refresh its product lineup.

Intel believes that the first quarter of 2011 will be a bit above seasonal, thanks to the introduction of Sandy Bridge processors. CFO Stay Smith believes Intel’s revenue will go up by about 10 percent in 2011.