What tech-industry CEOs are saying about the economy

Executives from Apple, AT&T, IBM and other tech companies comment on current and future market conditions

Sun Microsystems CEO Jonathan Schwartz

Sun Microsystems CEO Jonathan Schwartz

Google keeps long-term focus

Google reported revenue of US$5.5 billion for the quarter that ended September 30, 2008, an increase of 31 percent compared with the same quarter a year ago. Net income was US$1.3 billion, compared with US$1 billion a year ago.

"It's pretty clear that the economy is worse than it was predicted to be just a month ago. What started off as just a financial crisis appears to be affecting the wider economy. The economic situation is so fluid that we are all in uncharted territory. . . . We're going to keep a close eye on costs based on everything we read in the papers, because it's the right thing to do," said Eric Schmidt, CEO of Google, on October 16, 2008.

Intel questions future demand

Intel reported third-quarter revenue of US$10.2 billion, up 1 percent from the same quarter a year ago. Net income was up 12 percent to US$2 billion for the same period. Despite record third-quarter revenue, the economic downturn makes predictions difficult, Intel says.

"As we look to Q4, it is hard to know what impact the financial crisis will have on end-customer demand. We are confident that our product portfolio, strong cash flow, commitment to deploying new technology and market momentum will allow us to outpace peer companies at a time when business levels are difficult to predict," said Paul Otellini, Intel president and CEO, on October 14, 2008.

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Carolyn Duffy Marsan

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