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18/01/2002
IT sector reports fourth quarter slump
The IT industry endured its worst year ever in 2001 in terms of retail sales worldwide.
The assessment comes as various firms reveal fourth quarter results which reflect the difficult conditions the sector is currently experiencing.
IMB revealed a profit loss – the second successive quarterly decline for the company – with revenues falling to $22.8 billion. IBM chief executive Louis Gerstner expressed his hopes for in increase in business performance for the year ahead, but acknowledged that “conditions remain difficult”.
Nortel too have borne the brunt of recent economic uncertainty, unveiling net fourth quarter losses of $1.8 billion – predicting a further 10 per cent reduction in revenue for the three months ahead.
Microsoft posted a net profit of $2.28 million for the same period, due to the launch of three products, including Windows XP and the company’s Xbox games console. Weathering the sting of a $660 million charge to settle its long-running lawsuit disputes, the company has moved to diversify its product base, but could still feel the effects of the financial slowdown in the quarter ahead, as the Xbox could take several years before it starts making money for Mircosoft.
Only PC maker Dell escaped the downward trend, boasting increased sales and market share. (CL)
The assessment comes as various firms reveal fourth quarter results which reflect the difficult conditions the sector is currently experiencing.
IMB revealed a profit loss – the second successive quarterly decline for the company – with revenues falling to $22.8 billion. IBM chief executive Louis Gerstner expressed his hopes for in increase in business performance for the year ahead, but acknowledged that “conditions remain difficult”.
Nortel too have borne the brunt of recent economic uncertainty, unveiling net fourth quarter losses of $1.8 billion – predicting a further 10 per cent reduction in revenue for the three months ahead.
Microsoft posted a net profit of $2.28 million for the same period, due to the launch of three products, including Windows XP and the company’s Xbox games console. Weathering the sting of a $660 million charge to settle its long-running lawsuit disputes, the company has moved to diversify its product base, but could still feel the effects of the financial slowdown in the quarter ahead, as the Xbox could take several years before it starts making money for Mircosoft.
Only PC maker Dell escaped the downward trend, boasting increased sales and market share. (CL)
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