- News>
- ICE Economy
Intel to remain profitable despite recession
Dubai, Sept 30: US computer chip giant Intel will remain profitable despite the worst recession to hit the information technology sector in 30 years, the corporation`s chief executive officer said on Monday.
Dubai, Sept 30: US computer chip giant Intel will remain profitable despite the worst recession to hit the information technology sector in 30 years, the corporation's chief executive officer said on Monday.
"I expect we'll emerge stronger than we went in," Craig Barrett told a press conference in the Gulf emirate of Dubai. Barrett described the current recession as "deeper and stronger than the nine-and-a-half previous ones I have gone through with Intel since 1974. I call this one a half because we're going down and we haven't come back yet.
"It is probably the most dramatic recession I've seen for the last 30 years, (but) not the worst one for Intel," which he said was in 1985.
Barrett attributed the recession to a "sychronised slow-down of the world's established economies. That doesn't happen very often ... The last time it happened was about 30 years ago.
"We're (also) still experiencing the hangover of the dot.com explosion and meltdown," as well as the fallout of the "Y2K investment problem". "Throughout this recession, we've had something like a 20 per cent decrease in our revenue but we are still a profitable company and we are still able to invest over four billion dollars in research and development.
"We are still able to afford to invest for the future," he stressed.
Founded in 1968, Intel supplies the computing and communications industries with transistors, chips, boards and system building blocks, the key components of computers, servers and networking communications products. Bureau Report
"I expect we'll emerge stronger than we went in," Craig Barrett told a press conference in the Gulf emirate of Dubai. Barrett described the current recession as "deeper and stronger than the nine-and-a-half previous ones I have gone through with Intel since 1974. I call this one a half because we're going down and we haven't come back yet.
"It is probably the most dramatic recession I've seen for the last 30 years, (but) not the worst one for Intel," which he said was in 1985.
Barrett attributed the recession to a "sychronised slow-down of the world's established economies. That doesn't happen very often ... The last time it happened was about 30 years ago.
"We're (also) still experiencing the hangover of the dot.com explosion and meltdown," as well as the fallout of the "Y2K investment problem". "Throughout this recession, we've had something like a 20 per cent decrease in our revenue but we are still a profitable company and we are still able to invest over four billion dollars in research and development.
"We are still able to afford to invest for the future," he stressed.
Founded in 1968, Intel supplies the computing and communications industries with transistors, chips, boards and system building blocks, the key components of computers, servers and networking communications products. Bureau Report