Big Blue's clues; Technology.(A grim outlook for technology spending)(IBM, first-quarter 2002 projected revenues)(Brief Article)
Economist (US), The, April, 2002
Bad news from IBM suggests that the technology recovery is still far off
THE giant has stumbled. On April 8th IBM, the world's largest computer company, gave a warning of lower than expected revenues in the first three months of the year--its first such warning in a decade. Citing a "very tough" environment, the firm said its first-quarter revenues would be around $18.5 billion, some $1 billion less than Wall Street expected. It marked a grim start to the reign of Sam Palmisano, IBM's new chief executive, who took over from Lou Gerstner on March 1st. But is the warning the result of Mr Palmisano's reluctance to engage in the crafty accounting that enabled his predecessor to deliver consistent growth, or a signal that technology firms are still in the doldrums?...
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