News
Tech companies stand firm in the face of global credit crunch
Ben Furfie May 12 2008, 12:47pm
Sony, Ingram Micro and Apple all see record breaking quarters as industry rebukes fears
Despite fears that the credit crunch may be adversely affecting businesses across the globe, many major technology firms – vendors and distributors – have announced quarterly results that appear to show the economic situation is not affecting them as much as some had worried.
Sony and Ingram Micro were among the best performers; Ingram celebrated its highest first quarter gross margin for a decade, while Sony recorded its second highest quarter for operating income. Apple saw its highest quarterly revenue and earnings in the company's history. McAfee also boasted its highest quarterly revenue and sales for several years, posting its ninth straight quarter of double-digit growth in the process.
Western Digital also enjoyed good quarterly results.
It was not all good news though. Despite its bumper quarterly results, Sony warned investors that price declines were exceeding cost improvements. Avnet also noted that its results, while good, were not meeting its expectations.
"I think there is a lot of conflicting news, which underlines a fair degree of uncertainty," said GfK's IT and Imaging senior account manager for retail and technology, Steve Reid.
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