![Tech Companies, Long Insulated, Now Feel Slump [Ashlee Vance, New York Times - 11/14/08]](http://friendfeed.s3.amazonaws.com/6742d9df81580a331365fd13ad5b1cac6314ed68 "Tech Companies, Long Insulated, Now Feel Slump [Ashlee Vance, New York Times - 11/14/08]") |
Sunday at 3:45 am
- via Bookmarklet
- Link
Atul Arora, Chris White, imabonehead and 6 other people liked this
In the span of just a few weeks, orders for both business and consumer tech products have collapsed, and technology companies have begun laying off workers. The plunge is so severe that some executives are comparing it with the dot-com bust in 2000, when hundreds of companies disappeared and Silicon Valley lost nearly a fifth of its jobs. - Mitchell Tsai
via Bookmarklet
After industry leaders like Intel and Nokia warned of slowing sales this week, investors aggressively sold technology stocks. On Friday, the Nasdaq composite index, which is full of technology names, fell 5 percent. Advanced Micro Devices and eBay both dropped more than 10 percent. - Mitchell Tsai
Tech companies directly account for about 4 percent of the nation’s employment. And globally, companies and governments spend about $1.75 trillion on technology a year, according to Forrester Research. - Mitchell Tsai
But the industry’s importance to the world economy is larger than its size might suggest. Technology has fueled many of the productivity gains of the last two decades. And about half of the capital spending by corporations goes toward technology products, according to Moody’s Economy.com. - Mitchell Tsai
Best Buy, the leading electronics retailer, declared this week that “rapid, seismic changes in consumer behavior” had fostered the worst conditions in its 42-year history, and its main rival, Circuit City Stores, filed for bankruptcy protection. - Mitchell Tsai
Technology giants like Intel, which makes chips for personal computers and servers, and Cisco Systems, which makes network equipment, warned that revenue was plummeting at rates last seen in 2001. - Mitchell Tsai
Cisco was the first large technology company to reveal its sales data from October, noting a 9 percent fall in sales compared with the same month last year. On Nov. 5, Cisco, which is based in San Jose, cautioned that because of a “completely different environment,” revenue in its current quarter could plummet as much as 10 percent — a major reversal from the 7 percent growth that Wall Street had been expecting. - Mitchell Tsai
For all the gloom, the tech industry is still far healthier than Wall Street. Unlike the banks, many technology companies are flush with cash. Cisco has close to $27 billion; Google, $14 billion; and Apple, $24 billion. It is likely that some of these funds will go toward acquiring struggling competitors. - Mitchell Tsai
i have been there(SUN at San Jose) in you photo - linsen
Sun ,add oilllllllllllllllllll! - suso
"Google’s stock has dropped 16 percent since, as the same analysts who were upbeat about its results have since cut their revenue and profit forecasts. This week, its shares dipped below $300 for the first time in three years, well below their $742 peak. And the company, known for its torrid hiring and free-spending on employee perks, has begun the most serious belt-tightening in its 10-year history.
“We don’t know as managers how long the crisis goes,” Mr. Schmidt said last week." - Chris White
It's sad to see what's happening to Sun Micro, just like Yahoo too. They still have innovation but they need to market their stuff better. - imabonehead
imabonehead, what innovation is that? - Chris White
Chris, Sun's servers and storage devices. They're very good, but too expensive. - imabonehead
![[八卦江湖]中国运动员入场礼服让人彻底崩溃！！](http://friendfeed.s3.amazonaws.com/90fde55f714721a5ad5e5e50cf7374576bfcfa93 "[八卦江湖]中国运动员入场礼服让人彻底崩溃！！")
![[八卦江湖]中国运动员入场礼服让人彻底崩溃！！](http://friendfeed.s3.amazonaws.com/706c8bfcd70f2266873cf7d0334ec3e4de8ea16b "[八卦江湖]中国运动员入场礼服让人彻底崩溃！！")
